Senate Hopeful John Deaton Begins Accepting Crypto Donations

Lawyer, crypto supporter and candidate for United States Senate in Massachusetts John E. Deaton, has just announced he will be accepting crypto donations as well as fiat for his campaign. This is seen as a smart move as Deaton has a lot of support from within the crypto sector.

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Deaton has become a prominent figure in the crypto community, particularly recognised for his involvement in the legal battle between the US Securities and Exchange Commission (SEC) and Ripple, where he represented over 76,000 XRP holders.

Although his reputation is well-established within the crypto space, Deaton might not be as familiar to those outside of this circle, especially in Massachusetts, his new residence.

Deaton has set his sights on challenging Senator Elizabeth Warren, a Democrat known for her critical stance on crypto. Warren’s scepticism towards crypto has drawn significant criticism from industry proponents, including Deaton himself.

Noticing the lack of substantial opposition against Warren in Massachusetts, Deaton, who previously lived in Rhode Island, decided to relocate and present himself as a challenger against Warren’s anti-crypto sentiments.

Meanwhile, Senator Elizabeth Warren has sponsored the Digital Asset Anti-Money Laundering Act of 2023 (DAAMLA), which has received support from 19 other Senators.

The Blockchain Association, representing the crypto industry, has sent two letters to congressional committees expressing concerns over DAAMLA. 

The first letter, with 40 signatories from US military and intelligence backgrounds, criticised the narrative around crypto’s role in international conflicts, while the second letter, now with 80 signatories, addresses the policy implications of Warren’s bill.

The Association criticises DAAMLA for potentially jeopardising the US’ strategic advantage, threatening jobs, and being ineffective against the illicit actors it aims to target.

The criticism is in response to Warren’s accusation that the Blockchain Association used former defence and security officials to oppose regulatory efforts.

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The bill’s requirements for bitcoin miners and blockchain validators to comply with traditional financial regulations, such as KYC and BSA, are deemed unworkable by the industry.