​​Vocal Crypto Critic Elizabeth Warren Secures Third Senate Term After Beating John Deaton

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated:

November 5, 2024 23:17 EST

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Democratic Sen. Elizabeth Warren defeated her Republican opponent, John Deaton, an attorney with a pro-cryptocurrency stance, securing re-election to the US Senate. She secured 61.2% of the vote by 10:20 pm ET, clearly ahead of Deaton’s 38.8%, according to the Associated Press.

This race underscored a sharp contrast between the candidates, pitting Deaton against Warren, who has emerged as a prominent crypto industry critic.

Key figures in the crypto sector financially supported Deaton’s campaign, with notable contributions from Anthony Scaramucci, Cameron and Tyler Winklevoss, Ripple CEO Brad Garlinghouse, and Ripple’s executive chair and co-founder, Chris Larsen.

Moreover, both Ripple and the Winklevoss twins made substantial investments in the Commonwealth Unity Fund, a political action committee set up to support Deaton’s Senate run.

Deaton Criticized SEC for Alleged Harm to Small Investors

Deaton previously argued that the SEC’s regulatory tactics had significantly harmed small investors, causing over $15b in losses for retail investors as a result of its actions.

During his Senate campaign, Deaton stressed his commitment to holding the SEC accountable for what he viewed as regulatory overreach, frequently criticizing Senator Warren for her perceived inaction on this issue.

Meanwhile, Warren had asserted that Deaton prioritized the crypto sector’s interests over those of working-class Americans.

“One candidate standing here gets 90% of their campaign funding from one industry—the crypto industry. One candidate has openly admitted that 80% of his personal worth is tied to crypto,” she said. “If John Deaton goes to Washington, his crypto buddies will expect a return on their investment. He’s going to be there to fight for crypto.”

Warren Advocates Stricter Crypto Oversight, Points to Scams and Sanction Evasion Concerns

Warren has actively worked to tackle what she perceives as the harmful elements of the sector, advocating for legislation that would enforce stricter regulations on digital currencies.

She has consistently voiced her criticisms in public, labeling crypto as tools that enable fraud, scams and terrorism financing. She argues that they pose significant risks to consumers, pointing to examples such as “pig butchering” scams and the use of digital currencies by nations like North Korea to evade sanctions.