Democrat Elizabeth Warren will run for her third term in the Senate, defeating John Deaton, a well-known crypto advocate. Warren, a progressive Democrat, was declared the winner by the Associated Press immediately after counting 50% of all votes.
During the heated campaign, many debates and policy discussions revolved around cryptocurrency regulation, with Senator Warren promising stricter crypto regulations.
Republican Deaton, on the other hand, is an advocate for the crypto industry and a known supporter of blockchain. Warren’s win reinforces the growing call for greater scrutiny of cryptocurrency under the industry’s Bank Secrecy Act (BSA) and the website’s Know Your Customer (KYC) protocol.
Source: The New York Times
Warren Expected to Push More Crypto Audits
This year’s US national and state elections highlight the growing importance of cryptocurrencies, their use cases, and regulations. Warren, who is seeking his third term in the Senate, has campaigned for stricter crypto regulations, particularly in implementing KYC/BSA rules. On the other hand, Deaton entered the election with the support of major players in the crypto industry.
Throughout his time as a senator, Warren has been sounding the alarm about the crypto industry, warning of potential fraud. As such, he called for increased monitoring and control of the area.
BTCUSD trading at $73,416 on the daily chart: TradingView.com
Specifically, Warren supported the passage of an anti-money laundering bill, which aimed to strengthen the country’s bank secrecy and KYC laws. During the debates, he called for the expansion of KYC rules to include validators, miners, and crypto wallet providers and asked the industry to comply.
Deaton’s Pro-Crypto campaign pledge
John Deaton entered the race as a fan of the cryptocurrency industry. Deaton, a lawyer, has received support from crypto executives such as Ripple’s Chris Larsen and Brad Garlinghouse, Scaramucci, and the Winklevoss twins. The Community Fund, a US PAC that supports crypto-friendly politicians, endorsed him.
Source: Andrew Burke-Stevenson/The Boston Globe
As a crypto supporter, Deaton has clashed with the Securities and Exchange Commission (SEC) over regulations to win some Democratic sympathy. He also pledged to support the ratification of Roe v. Wade. In another debate, Warren raised Deaton’s connection to the crypto industry, saying the industry is using huge resources just to bail him out.
Warren’s Third Term and Implications for the Crypto Space
Now that Warren has secured his third term, the crypto community will be under increased scrutiny, especially by the Senate Banking and Finance Committees, of which he is a member. Crypto users and developers can expect the strictest possible policies for cryptocurrencies.
Deaton took aim at Warren during the campaign for his disproportionate attention to cryptocurrencies. He said other more important things like inflation and border security should come first. But this election showed that Massachusetts voters prefer Warren’s approach to protect consumers and focus more on crypto regulation.
Featured image from elizabethwarren.com, chart from TradingView
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