Crypto Community Supports Deaton in 2024 Senate Election Amid Warren Criticism
The 2024 U.S. Senate election in Massachusetts is poised to be an intense battle, with crypto leaders publicly backing Republican candidate John Deaton in his challenge against Elizabeth Warren, who is seeking her third term. Notably, Coinbase co-founder Brian Armstrong has called on Massachusetts voters to support Deaton.
Why has the crypto community turned against Warren? Many influential figures in the cryptocurrency sector believe Warren played a pivotal role in the appointment of Gary Gensler as chair of the U.S. Securities and Exchange Commission (SEC). Under Gensler’s leadership, the SEC has taken strict legal action against major crypto companies. Armstrong has accused Warren of encouraging Gensler to adopt a hardline approach towards the crypto industry, suggesting she supports a government-controlled financial system.
Armstrong is not the only one criticizing Warren. A well-known crypto attorney known as MetaLawMan on X has urged Massachusetts voters to support Deaton while strongly condemning Warren’s stance against the cryptocurrency sector. According to a recent media report, many crypto enthusiasts view Warren as one of the key figures behind Operation Choke Point 2.0, a regulatory effort aimed at limiting digital asset firms’ access to the banking system.
Warren has yet to respond to these allegations. However, she has previously criticized crypto fund groups, arguing that crypto leaders resist fair regulations for the industry. In contrast, Democratic presidential candidate Kamala Harris has recently softened her position on crypto regulation, expressing a willingness to replace Gensler with an SEC chair who is more open to the cryptocurrency finance sector.
Massachusetts has a strong history of supporting Democratic candidates, with only one instance of Republicans defeating Democrats in the state since John F. Kennedy’s election to the U.S. Senate in 1952. However, Warren defeated Scott Brown in 2012 and has remained undefeated since, securing re-election in 2018. If Republicans win with the support of crypto leaders in traditionally Democratic Massachusetts, it could have significant implications for the U.S. political landscape and the influence of the cryptocurrency sector in shaping public policy.
Overall, the 2024 U.S. Senate election in Massachusetts is shaping up to be a fiercely contested battle, with crypto leaders openly supporting Republican candidate John Deaton and expressing their concerns about Elizabeth Warren’s stance on the cryptocurrency sector. The outcome of this election could have far-reaching implications for both Warren’s political future and the influence of the crypto industry in shaping public policy.