Elizabeth Warren became Massachusetts' first female senator in 2012. Al Drago—Bloomberg/Getty Images
Sen. Elizabeth Warren, perhaps the most ardent cryptocurrency skeptic in Congress, may soon be facing off against a serious supporter of the industry.
John Deaton, 56, a Massachusetts lawyer and digital asset advocate, is seriously considering running as a Republican candidate this year. boston globe report. Jim Conroy, a key adviser to Republican Gov. Charlie Baker's political operations who has been consulting with Mr. Deaton, said Mr. Deaton is “seriously considering” a run and would make a decision within the next few days. glove.
Mr. Deaton did not respond immediately. luckThis is a comment request from . If she enters the race, she would be Warren's first significant Republican challenger since she announced her bid for re-election last year.
Warren was elected as the state's first female senator in 2012. tweeted last month: “It's time for cryptocurrencies to be subject to the same anti-money laundering rules as other currencies. We have a bill to make that happen.”
of @SECgov The Bitcoin ETF decision is both legally and politically incorrect.
If the SEC intends to push cryptocurrencies deeper into the financial system, it is more urgent than ever that cryptocurrencies comply with basic anti-money laundering rules.
— Elizabeth Warren (@SenWarren) January 11, 2024
The bill, the Digital Asset Money Laundering Prevention Act, introduced in the Senate in July, would require the Financial Crimes Enforcement Network to issue guidance on digital assets. According to Warren's website, it would “close loopholes in anti-money laundering rules and block drug suppliers and cartels from using cryptocurrencies to facilitate their illegal business.”
Mr. Deaton has often criticized Ms. Warren on X, citing concerns about the senator's lack of commitment to oversight of the Securities and Exchange Commission and Chairman Gary Gensler. “She literally said she didn't want to put Gensler in a tough position. Are you kidding me?” he said. tweeted During December.
Elizabeth Warren broke her vows
As a senator and member of the Banking Committee, @ewarren Broke her vows. Her job is to provide and engage hands-on oversight. @SECGov.
Instead, she conspired with her best friend @GaryGensleras well as giving him accurate information… https://t.co/dZr2QfN8ah
— John E. Deaton (@JohnEDeaton1) December 9, 2023
“I have over 600 #XRP holders who live in Massachusetts and are Massachusetts voters. We are calling on Warren’s office to investigate the SEC and do her job. “I begged you,” he added.
XRP Marine
Mr. Deaton has been a lawyer for decades, including representing asbestos victims in a Rhode Island firm. The former Marine recently moved to Massachusetts, is a cancer survivor, and has three daughters. glove report.
His crypto advocacy reached a new level in 2021, when he was involved in a lawsuit between the SEC and Ripple Institute in which the regulator accused Ripple of illegally selling more than $1 billion worth of digital currencies. This was the year in which the court filing was filed.
Deaton, who owns Ripple's native token, argued that he and other XRP holders should be allowed to intervene in the case. Deaton accused the SEC of overreach, writing in a court filing that XRP does not pass the Howie test and should not be considered a security. “Millions of XRP holders are being held hostage as collateral damage while the SEC is involved” in the clutches of the judiciary. ”
That same year, Deaton launched CryptoLaw, a website designed to be a “clearinghouse for information, news, and analysis on major U.S. regulatory developments for digital asset holders.”
get a fair shake
In addition to Deaton's focus on the Senate, the federal government says the crypto industry is ramping up efforts to influence the 2024 election, and super PACs are targeting Sam Bank during the 2022 campaign. Since Mann Friend's $50 million donation, he is reportedly injecting more money into his campaign than ever before. Campaign finance data from the Election Commission.
Fairshake, the largest new crypto-focused super PAC, made its first major move this week by attacking Democrat Katie Porter, a protégé of Warren, in the California primary with a multimillion-dollar ad buy. I got into the fray. new york times report.
Two super PACs affiliated with FairShake, Protect Progress and Defend American Jobs, disclosed in federal filings two weeks ago that they had raised a combined nearly $80 million in 2023. . Most of the PAC funding to date has come from three sources: Coinbase, Ripple Labs, and Andreessen. Horowitz.
Fairshake did not return immediately. Fortune's Request for comments.
