US Senator Elizabeth Warren’s crypto stance has been questioned after a debate against Pro-XRP advocate John Deaton. The senator’s seemingly non-aggressive comments are a departure from his often hostile approach to the industry, surprising the public.
Massachusetts Senate Debate Heats Up
Democratic Senator Elizabeth Warren, known in the industry for her strong anti-crypto stance, surprised the public with her latest comments during the Massachusetts Senate debate against Representative John Deaton.
Candidates for Massachusetts Senate seats have very different approaches, as the debate hosts point out. Senator Warren previously vowed to build an “anti-crypto army” and called the industry a “threat to financial stability.” Meanwhile, Deaton, a pro-crypto, often criticizes Warren and the Federal authorities for “overly aggressive regulation” of the sector.
During the debate, Senator Warren repeatedly said that he is open to digital assets if the industry follows the same rules as other financial institutions, seeming to abandon his previous hostile views.
I’m all for having a crypto system if people want to buy and sell crypto. All I want is basic fair rules, the same kind of fair rules that should apply to all our financial institutions.
However, Deaton noted that “the laws are already in place” and questioned the motivations of the Democratic senator’s decision to create an anti-industrial complex “with everything that’s going on.”
Additionally, the XRP advocate suggested that Warren’s policies are not working class friendly, saying they are “hurting poor people” instead. Deaton also said he wants Senator Warren to “attack” inflation and border security “the way he’s attacking, and it’s focused on crypto.”
The Democratic Senator argued that if Deaton goes to Washington, he will fight for the sector as “his crypto friends will want a return on their investment,” noting that industry figures contributed to the lawyer’s campaign to win the Senate seat.
However, the presidential campaign of Kamala Harris also received donations in cryptocurrencies. As reported by Bitcoinist, the US Vice President and Democratic nominee recently received his first documented donation in digital assets after Ripple’s founder sent $1 million worth of XRP to a Political Committee (PAC).
Is Senator Warren “All In Crypto”?
The public reacted to the debate and questioned why Warren spoke in such an aggressive manner. Fox Business reporter Eleanor Terrett wondered if the Democratic senator is going back on his anti-industry stance since his comments are not as hateful as usual.
However, Galaxy’s Head of Research, Alex Thorn, denied this assumption. In an X post, Thorne pointed out that Warren’s comments were consistent with his previous stance, not that his words meant the same thing in the industry:
No, Warren doesn’t change. It may seem reasonable when he says, “same rules as banks.” But he mentions applying BSA compliance to non-custodial entities such as wallets, software devs, smart contracts, miners, and verifiers, which is effectively a ban on blockchain networks themselves.
Similarly, investors also expressed their displeasure with the Senator’s comments. Scott Melker, host of The Wolf Of All Streets podcast, called Warren a “bold-faced liar,” noting that he attacked Deaton for holding digital assets while “absolutely lying about his previous comments on crypto.” What an amazing lie.”
In the end, it seems that the public took Senator Warren’s statement as a “trojan horse” instead of a sincere effort to soften his position and work with the industry.
Bitcoin (BTC) is trading at $68,060 in the weekly chart. Source: BTCUSDT on TradingView
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