Elizabeth Warren, the first female senator from Massachusetts, may soon face a strong opponent in the upcoming elections. John Deaton, a Massachusetts attorney and advocate for digital assets, is considering running as a Republican against Warren. Deaton will make a decision in the next few days with the help of Jim Conroy, a key advisor for Republican Gov. Charlie Baker’s political operation.
Deaton has been critical of Warren’s stance on cryptocurrency, citing her lack of oversight of the Securities and Exchange Commission (SEC) and Chairman Gary Gensler. In December, Deaton tweeted that Warren violated her oath by not providing proper oversight of the SEC and instead conspiring with her close friend, Gensler.
Warren has also been vocal about her stance on cryptocurrency, calling for it to follow the same anti-money laundering rules as traditional financial institutions. She introduced the Digital Asset Anti-Money Laundering Act, which would require the Financial Crimes Enforcement Network to issue guidance on digital assets and close loopholes in anti-money laundering rules.
Deaton, who owns Ripple’s native token, has been a strong advocate for crypto and has even filed an amicus brief in the lawsuit between the SEC and Ripple Labs. He argued that XRP should not be considered a security and accused the SEC of overstepping its jurisdiction.
In addition to Deaton potentially running against Warren, the crypto industry has been ramping up its efforts to influence the 2024 elections. Super PACs, including Fairshake, Protect Progress, and Defend American Jobs, have collectively raised almost $80 million in 2023. These PACs have received funding from major players in the crypto industry such as Coinbase, Ripple Labs, and Andreessen Horowitz.
Fairshake recently made its first major move by launching a multimillion-dollar ad campaign targeting Democrat Katie Porter, a protege of Warren, in the California primary. This highlights the growing impact of the crypto industry in the political landscape and its efforts to gain influence and support from key players in government.
The potential Senate race between Elizabeth Warren and John Deaton, along with the increasing involvement of the crypto industry in politics, will be something to watch in the upcoming elections.
