- John Deaton claims less than 1% of crypto transactions are illicit, while banks handle billions in money laundering annually.
- Deaton argues he’s contributed more to crypto regulation clarity than Senator Warren, accusing her of favoring big banks.
- Deaton supports Donald Trump’s crypto-friendly policies, contrasting Warren’s criticism of the cryptocurrency industry.
John Deaton, an attorney for XRP, has stepped up his criticism of Senator Elizabeth Warren for her unfavourable views of the cryptocurrency sector. Deaton, who recently emerged victorious in the Massachusetts Republican primary, defended cryptocurrencies in an interview with WBUR while pointing out issues with the conventional banking industry.
Notably, he voiced concern over Warren’s continued attacks on cryptocurrency, especially the way she characterizes digital assets as instruments of criminal activity.
Cryptocurrencies vs. Banking Sector
Deaton refuted Warren’s assertions that the majority of uses of cryptocurrency are illicit by citing statistical evidence. Less than 1% of cryptocurrency transactions are linked to illegal activity, according to data he cited from the UN Office on Drugs and Crime.
On the other hand, traditional banks are responsible for enabling money laundering totaling billions of dollars every year. Rather than focusing on cryptocurrencies, Deaton claimed that major corporations like HSBC, JPMorgan, Bank of America, and Wells Fargo play a major role in financial crime. Deaton contended that Warren has disregarded this stark contrast in her remarks and actions in public.
Deaton’s Advocacy for Crypto Regulation
Furthermore, Deaton emphasized his endeavors to provide regulatory lucidity to the cryptocurrency sector, drawing comparisons with Warren’s contributions to the Senate Banking Committee. He reminded the public of his involvement in the lawsuit against the SEC and his pro bono legal representation of 75,000 individual token holders.
Additionally, Deaton highlighted that compared to Warren, who is a senator, he has done more as a private citizen to make financial regulations for cryptocurrency assets clearer. In addition, he brought up conflicts of interest at the SEC, which he said were impeding the industry’s expansion.
Political Impact on Crypto Regulation
Notably, one of the main topics of discussion for the next elections will be the political environment surrounding cryptocurrency regulation. Deaton’s position is very similar to what Donald Trump promised to do (crypto-friendly policies), if he were to win the election. Senator Warren’s criticism of “crypto billionaires” is consistent with her fervent support of established financial institutions.
According to Deaton, Warren’s stance benefits large banks at the expense of the developing cryptocurrency sector. Warren’s strategy has drawn criticism from other well-known figures in the cryptocurrency industry, including Anthony Scaramucci and Mark Cuban. Some have even accused Warren of being hypocritical in her views regarding financial regulation.
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