Republican candidate is advocating for crypto against traditional banking

Warren leads Deaton by over 23 points in the Senate race

With the U.S. elections just weeks away, Republican candidate John Deaton and Senator Elizabeth Warren engaged in a war of words in their first debate. They are competing for a Senate seat representing the state of Massachusetts.

On 15 October, the candidates put forward opposing views, particularly on the matter of cryptocurrencies.

Drawing from his experiences with traditional financial institutions, Deaton expressed support for Bitcoin [BTC] as an alternative to the current system. Reflecting on how cryptocurrencies could help those underserved by banks, he said,

“When Bitcoin came along, I thought, ‘Great, now you can cut out predatory banks and middlemen, and you can help unbanked people like my mom.”

Deaton’s criticism of the AML act

Deaton sharply criticized Warren for prioritizing an “anti-crypto army,” questioning her focus on cryptocurrency amid other pressing issues like illegal immigration, inflation, and foreign conflicts.

Furthermore, the Republican candidate took aim at Warren’s Digital Asset Anti-Money Laundering Act. He argued that it unfairly targets the cryptocurrency industry.

“Her bill bans crypto self-custody in America, yet she’s allowing banks to custody Bitcoin, another example that Senator Warren’s policies do not help poor people. They do not help the working class. She favors accredited investor rules that exclude 85% of the American population.”

Warren’s position against crypto

On the contrary, Warren questioned Deaton’s credibility by claiming that 90% of his campaign funding comes from the crypto industry. According to her, this implies a conflict of interest.

She also highlighted her concerns about the risks posed by the largely unregulated cryptocurrency market. She stated,

“I just want to make sure that crypto has to follow the same rules as every bank, every stock broker, every credit union, and that is some consumer protection laws and some laws to make sure that it’s not open for terrorists, drug traffickers, and human traffickers.”

Despite their differences, however, both candidates agreed that traditional banking has failed many Americans.

Deaton vs. Warren: Who is leading?

Deaton is aiming to end years of Democratic control over both of Massachusetts’ seats in the U.S. Senate. Worth pointing out though that a pro-crypto position hasn’t helped Deaton’s prospects much. Especially since Senator Warren is leading by 23.5 points.

According to the latest polls from RealClear Polling, Warren is expected to win 57.0% of the vote, compared to Deaton’s 33.5%.

United States’ first crypto election

However, crypto’s influence is not limited to this race. It has taken center stage in the presidential elections too. Donald Trump has been more vocal about his support for digital assets, emerging as the most favorable candidate for crypto.

Meanwhile, Kamala Harris hasn’t shied away from expressing her support for the sector either. Albeit not as vocally or conclusively.

According to the latest Polymarket data, Trump currently has a 60.7% chance of winning, over Harris’s odds of 39.3%.

Regardless of the outcome, one thing is clear—This U.S. election will shape the future of cryptocurrencies.