Pro-crypto Senate candidate John Deaton highlighted the direct impact of the XRP lawsuit victory in a debate with Sen. Warren.
Cryptocurrency regulation was the focus of a heated debate between Sen. Elizabeth Warren and Senate candidate John Deaton, with Deaton citing his victory in the SEC v. Ripple case as a major accomplishment.
Deaton, a prominent lawyer well-known in the crypto community, noted that the legal battle to protect small retail investors from SEC overreach in the XRP case had significant consequences beyond the lawsuit itself.
Deaton spotlights XRP litigation victory
During the discussion, Deaton took the opportunity to highlight how his work in the XRP case has had ramifications, both literally and politically. He claimed that his allegedly pro bono work helped prevent the SEC from unfairly targeting small investors.
The Massachusetts Senate candidate also said his efforts led to a federal judge declaring that XRP is not a security, an important victory in the legal battle between Ripple and the SEC.
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During the panel, Deaton detailed his role in the lawsuit, which he characterized as a fight for justice. He pointed out that the judge who ruled in his favor was a lifelong Democrat. This fact underlined the bipartisan nature of his victory.
Mr. Deaton also boasted about the accolades he received for his work on the case, including awards for Lawyer of the Year and Consumer Advocate of the Year. According to Deaton, his defense of XRP was not only a victory for cryptocurrencies, but also for ordinary investors.
He linked his legal success to recent political donations. The lawyer pointed out that Chris Larsen, chairman of Ripple, which supported her Senate campaign, recently donated millions of XRP tokens to Vice President Kamala Harris’ campaign.
Deaton argued that this contribution would not have been possible without his court briefs and victory in the XRP case. He humorously directed his comments at Harris, saying, “Mrs. Vice President, if you’re watching, you’re welcome.”
broader discussion
While Deaton framed his involvement in the XRP case as defending small retail investors, Senator Warren took a different position on cryptocurrency regulation.
She remained a strong supporter of stronger regulation of the cryptocurrency industry. Warren argued that cryptocurrencies pose a threat to financial stability, consumer protection, and even national security.
She defended her position of building an “anti-crypto army,” saying she simply wants cryptocurrencies to follow the same rules as traditional financial institutions like banks and credit unions.
Warren also expressed concern about Deaton’s financial ties to the cryptocurrency industry, suggesting he may be serving the interests of crypto backers rather than the people of Massachusetts.
Throughout the debate, the two candidates clashed over the impact of virtual currency regulation. Deaton positioned himself as a champion of the underdog, someone who would fight both government overreach and big banks, which have historically failed the poor.
He believes in the potential of Bitcoin and other cryptocurrencies to help the unbanked, citing personal experiences in his own life, particularly his mother’s struggle with traditional banking fees. I mentioned a few things.
Questions regarding the JP Morgan incident
During the debate, Deaton noted that Sen. Warren is focusing on cryptocurrencies while sidestepping other pressing issues, particularly the lack of action on the sex trafficking case involving JPMorgan and Jeffrey Epstein. criticized.
Mr. Deaton accused Mr. Warren of not asking JPMorgan’s CEO any questions about the bank’s $290 million settlement related to Mr. Epstein’s human trafficking activities when he had the opportunity to do so.
He noted the senator’s apparent silence on the issue and suggested it was due to ties to Democratic donors and political allies. But Warren avoided directly addressing Deaton’s claims, instead reiterating her broader fight against predatory banking practices.
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