Elizabeth Warren Retains Senate Seat Against Crypto Advocate

John Deaton, a lawyer and cryptocurrency advocate, was defeated by Elizabeth Warren in the Massachusetts Senate race. Warren is known for her critical stance on digital assets, reports The Block.

This marks Warren’s fourth term in the U.S. Senate. She is a member of the Senate Finance and Banking Committees, which oversee the SEC and the CFTC.

The senator is noted for her criticism of digital assets. She has notably developed an anti-money laundering bill that extends BSA requirements, including KYC, to miners, validators, and wallet providers.

Deaton garnered support from industry figures, including Gemini founders the Winklevoss twins and Ripple CEO Brad Garlinghouse.

The founder of Deaton Law participated in the SEC’s case against Ripple, representing the interests of the fintech company’s investors. 

In April, Deaton accused the U.S. government of aiding the illegal activities of the bankrupt exchange FTX and its founder Sam Bankman-Fried. This led to Senate interest in the platform’s leadership’s ties with the CFTC. 

In September, the lawyer admitted he would support billionaire Mark Cuban as a replacement for SEC Chair Gary Gensler, despite disagreements on other issues.

Back in March, Fox Business journalist Eleanor Terrett explained the regulator’s delay in approving spot Ethereum ETFs as being due to pressure from Warren on the Commission’s head.