KEY POINTS
- Deaton claimed Bitcoin will help the unbanked American population
- Warren took issue over the huge support Deaton has been getting from the crypto industry
- 'I hope she attacks inflation the way she attacks crypto,' Deaton said of Warren
- Crypto users praised Deaton for his performance, with many saying he won the debate
Republican pro-crypto lawyer John Deaton took on Democratic Sen. Elizabeth Warren Tuesday night during a debate co-hosted by The Boston Globe and WBZ, and the two Massachusetts senatorial candidates sparred over cryptocurrency and the sitting senator's crypto bill.
For more than eight minutes, the candidates had a heated back-and-forth debate over the industry, with Warren at one point saying her Republican foe will "fight for crypto" if he is elected.
Deaton Talks Bitcoin Benefits
Deaton first talked about how, when he first heard about Bitcoin, he thought of his mother who couldn't maintain the minimum balance when opening a bank account, highlighting the plight of the unbanked population and "predatory fees" that banks apply for transactions.
"When Bitcoin came, I was like, 'Great! Cut out the predatory banks and the middlemen...and you could help unbanked people like my mom,'" he said.
He then questioned why Warren still wanted to build what he called an "anti-crypto army" even as the country is going through economic stress, with U.S. debt piling up and wars affecting financial markets.
Warren, who has held her seat in Massachusetts for more than a decade, said she was "fine" with people wanting to buy and sell crypto, but she said she wants to "make sure crypto has to follow the same rules as every bank, every stockbroker, every credit union," she said.
Elizabeth Warren vs John Deaton
— Altcoin Daily (@AltcoinDailyio) October 16, 2024
HEATED debate on bitcoin and #crypto. 👇 pic.twitter.com/j22bOvNbJJ
Warren Takes 'Issue' Over Crypto Support for Deaton
Warren didn't directly answer Deaton's questioning over her alledged anti-crypto army, and instead said the real issue is the massive support the former U.S. Marine has received from the crypto industry.
She said 90% of Deaton's campaign funds were from a single industry, crypto.
"If John Deaton has a chance to go to Washington, his crypto buddies are gonna want a return on their investment. He's gonna be there to fight for crypto," she said.
Deaton said he has "upset more crypto billionaires because I did her job," referring to Warren's position in the banking committee. He also revealed that "the largest crypto fund" has blocked him on social media.
Deaton Points Out Warren Bill's Flaws
Deaton then opened the conversation on Warren's Digital Asset Anti-Money Laundering Act (DAAMLA), which the latter proposed in 2022, that will require platforms to track the transactions of self-custody crypto wallets.
"Her bill bans Bitcoin self-custody in America, yet she's allowing the banks to custody Bitcoin – another example that Senator Warren's policies do not help people. They do not help the working class. She favors the accredited investor rule," he pointed out.
"I hope she attacks inflation the way she attacks crypto," he said.
Warren Sticks to Crypto Backing for Deaton
Deaton attempted to question Warren on her silence over JPMorgan Chase's $290 million settlement on a class-action lawsuit from Jeffrey Epstein's sexual abuse victims, but Warren went back to pointing out the millions in funding Deaton has received from top crypto players.
"I can't help it when she goes into banning an entire industry, that they're motivated against her because they see a viable candidate," Deaton responded.
Deaton argued that Warren refused to answer the JPMorgan Chase issue. Warren clapped back, saying she has pushed for more banking regulations and "tried to hold the banks accountable every single time they step out of line."
Pushing a Harris Button
Warren reiterated that she needs to know what "return on investment" the crypto industry will demand from Deaton if he wins the Massachusetts seat, but Deaton turned the tables, detailing how he helped XRP holders in the SEC's case against Ripple, the largest holder of the XRP token.
"Last week, that crypto billionaire that she's talking about that has supported me just donated millions of this XRP token to Vice President [Kamala] Harris's campaign. If I didn't do what I did – sue the SEC on behalf of small retail investors – that donation to your candidate of choice, senator, would not have happened. So Madame Vice President, if you're watching, you're welcome," he concluded.
Deaton was referring to the $1 million in XRP donation made by Ripple co-founder Chris Larsen to the Future Forward super PAC, which supports the Harris campaign. The crypto community called out Larsen for "feeding the mouth that bites you."
Crypto Users Blast Warren After Heated Debate
As expected, crypto users took to X to revel in Deaton's performance during the debate. "He definitely won," one user said, while another, who said he is originally from Massachusetts, noted that "it's time to get Warren out."
Many others believed that Deaton nailed the topic on crypto, while some pointed out that Warren did well too.
Man, Warren was good, very quick on her feet and silver tongued even at her age. Deaton won this imo, he dominated the issue and was able to relate his message to the everyday working class. Warren failed on that front tbh, and came off a bit out of touch.
— Lemon Peppa 🍋🌶️ (@Dirashi_) October 16, 2024
Whoa! Now, that was worth watching. Slightly entertaining! John Deaton smashed it.
— Steven (@Bhagwanani0) October 16, 2024
Warren is indeed, a skilled debater, but no question John Deaton won this hands down.
— TheCryptoPulse (@TheCryptoPulse) October 16, 2024
Prominent web3 host Zack Guzman said Deaton "closed strong" during the debate on crypto, adding that Warren was "clearly rattled" by some of Deaton's jabs.
Well-known crypto lawyer Jeremy Hogan said Deaton "knocked it out of the park" in the debate, while crypto investor Scott Melker said Warren lied entirely about her past comments on crypto.
Polls show Warren holds a substantial lead in the race. A Suffolk University/Boston Globe poll earlier this month showed her with a 59-35 lead over Deaton.
