John Deaton, a pro-crypto attorney, recently won the Republican nomination for the senate seat in Massachusetts, U.S., thereby pitching him against crypto critic Democrat senator Elizabeth Warren in the upcoming elections in November this year.
This high voltage contest, dubbed as “first Bitcoin election” will see the two politicians pitched at spectrum ends of crypto advocacy, compete against each other for the Massachusetts seat on November 4, during the race to presidential elections.
Deaton won the primary GOP elections with an impressive 134,000 votes, securing 64.9% vote share compared to his opponents Robert Antonellis and Ian Cain who received 54,146 votes and 19,033 votes, respectively.
After the triumph in the primary election, now John Deaton will run against Elizabeth Warren in the general elections. Primary elections, also known as party primaries, are elections in which a political party selects candidates for the general election.
Let’s have a look at this upcoming high voltage contest and whether it will decide the trajectory of presidential elections.
John Deaton: The Advocate For Crypto
57-year-old John Deaton is known as a prominent lawyer in the crypto legal circle as he played a crucial role in the Ripple vs SEC’s lawsuit legal battle. His work in submitting amicus briefs to support XRP holders was admired by the XRP foundation and overall crypto community. In return for his support, Ripple has donated $1 million to Deaton’s Senate campaign.
Deaton’s involvement in the XRP lawsuit grabbed the attention of Fair Shake, a super PAC (Super PACs raise and spend funds for the election campaigns). However, they are not directly supporting Deaton.
Deaton is a vocal supporter of digital assets and positions himself as a strong candidate in this election. His election could lead to more favorable legislation for the crypto industry.
Elizabeth Warren: Crypto Industry Antagonist
Massachusetts’ incumbent senator Elizabeth Warren has been a vocal critic of cryptocurrencies. Warren consistently raised concerns about the risks associated with cryptocurrencies in their speeches. She advocates for solid regulatory frameworks and also highlights the need for financial stability, national security, and consumer protection.
The senator also urged tightening the anti-money laundering (AML) rules and regulations to prevent illicit activities such as money laundering and terrorism funding through crypto assets. She also raised environmental concerns about mining cryptocurrencies, especially Bitcoin. However, she was always criticized for her anti-crypto stance.
Senator Warren has a strong belief in the traditional finance system and banks over cryptocurrencies. Last year in a debate with Crypto Investor Kevin O’Leary, she highlighted that banks are more secure and trustworthy compared to cryptocurrencies. Banks follow the law and conduct security checks and KYC (Know Your Customer) which was not followed by a lot of crypto firms.
Additionally, crypto has become a preferred tool for terrorists, ransomware, gangs, and drug dealers who want to launder money.
Trump’s Views On Elizabeth Warren
Donald Trump has been quite vocal about his views on Senator Warren, and criticized her policies. Trump also used some derogatory terms for Warren by giving her nickname “Pocahontas” mocking her claims of Native American heritage.
Trump has criticized the Massachusetts senator harshly for her progressive policies including her harsh stance on financial regulation. He pictures her as a the leftist whose policies could harm the economy.
Trump and Warren’s rivalry has been intense, with both frequently exchanging barbs and being critical of each other’s policies and views. However, Trump took this political rivalry to the next level by taunting Warren in public.
What If John Deaton Wins the Election?
John Deaton has always supported the crypto industry. If he wins the election against Elizabeth Warren, it could lead to favorable legislation for the crypto industry.
As Deaton is known as a pro-crypto lawyer, he would likely push for a regulatory framework that supports the industry and reduces regulatory burdens on cryptocurrency businesses. Moreover, positive sentiments from Deaton’s victory could lead to a bullish trend or price rally in the market.
What If Elizabeth Warren Wins the Election?
If Senator Warren wins the election, it could lead to stricter regulations on the crypto industry. She could also introduce new policies for crypto mining as she expressed her environmental concerns in previous debates.
Moreover, crypto firms may face more regulatory hurdles and strict actions could be taken for those that do not comply with regulatory standards.