- Deaton, a strong supporter of the cryptocurrency industry, is set to challenge Senator Elizabeth Warren in the upcoming election
- Backed by $1.7 million from key crypto figures, Deaton’s campaign emphasizes innovation and protection for the crypto sector
- The Deaton vs. Warren matchup could have significant implications for future cryptocurrency regulations in the U.S
The upcoming election pits Deaton, a crypto-friendly candidate, against Senator Warren, one of the biggest critics of the cryptocurrency industry.
Deaton vs. Warren: Crypto Ideologies Clash
Senator Warren, who is up for re-election to a third term in the Senate, has made her name known for opposing the crypto sector and tying it to criminal activities while calling for further regulations. But as a member of the Senate Banking, Housing, and Urban Affairs Committee, she has only gotten louder in her opposition to digital currencies.
By contrast, Deaton has run a crypto-innovation-first campaign. He has framed his candidacy as one that represents protection for the crypto industry against Warren’s policies, which he says have harmed technological advancement and placed undue financial stress on American families.
For this reason, this ideological split will be under a lot of scrutiny in the general election.
Deaton’s Crypto-Backed Campaign Raises $1.7 Million
Deaton’s Senate campaign has been heavily bankrolled by big names from the cryptocurrency world. His biggest donors include Ripple chief executive Chris Larsen and Ripple founder Brad Garlinghouse, Gemini founders Cameron and Tyler Winklevoss, SkyBridge Capital founder Anthony Scaramucci, Cardano co-founder Charles Hoskinson, and Kraken co-founder Jesse Powell.
At the end of July, he had collected about $1.7 million, according to Federal Election Commission records—an impressive war chest for a Senate candidate.
Deaton’s deep involvement with the crypto community goes beyond financial donations. It is reported that much of his wealth is invested in Bitcoin and other cryptocurrencies.
According to Fox Business reporter Eleanor Terrett, 80% of Deaton’s net worth is tied to Bitcoin and related investments, which could make him one of the largest cryptocurrency holders among current political candidates and elected officials.
Next Phase Ready
Following his primary win, Deaton told his supporters that he is ready to challenge Senator Warren in the general election, saying, “It’s time to hold Warren accountable for the policies she has pursued [which I think] have stifled innovation and put financial pressure on American families.”
Meanwhile, with the November election drawing near, cryptocurrency policy is likely to be a front-and-center issue in the race as both candidates fire up their campaigns.
Conclusion
With the election at hand, all eyes will be watching the Deaton-Warren matchup—a contest that might very well have great implications for the future of cryptocurrency regulation in the United States.
