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Cryptocurrency News Articles
Elon Musk Aligns With Pro-Crypto Movements, Endorses Pro-XRP Lawyer John Deaton Running Against Anti-Crypto Senator Elizabeth Warren
Oct 22, 2024 at 04:00 pm
With the US general elections just 15 days away, Elon Musk, CEO of Tesla and a prominent supporter of Dogecoin, is throwing his weight into the
US general elections are approaching rapidly, and prominent Dogecoin supporter Elon Musk is now showing his preference in the political arena. Recently, Musk endorsed John Deaton, a pro-XRP lawyer who is running for a Senate seat against Massachusetts Senator Elizabeth Warren, who is known for her stance against cryptocurrencies.
Musk's support came in response to a post by Coinbase CEO Brian Armstrong, who urged Massachusetts voters to support Deaton. Armstrong highlighted Warren's role in appointing Gary Gensler as the chair of the Securities and Exchange Commission (SEC), which he claims has been harmful to the cryptocurrency industry.
Musk agreed with Armstrong's views, further cementing his alignment with the now increasingly pro-crypto Republican Party and its figurehead, Donald Trump, who has promised to support the industry if he returns to the Oval Office in January.
Armstrong went on to criticize Warren for her "anti-freedom" stance, arguing that she believes the government should control financial services, similar to practices in China. Musk echoed this sentiment with a simple “Yes” in response to Armstrong's assertions.
Armstrong stated:
Crypto holders in MA should realize @SenWarren is the one who got Gary Gensler his job and encouraged him to (unlawfully) try and kill the crypto industry in America. Luckily they did not succeed as we and others fought back.
The debate between Warren and Deaton heated up the political landscape, with the senator surprising many by expressing a conditional openness to digital assets, contingent upon the industry adhering to regulations similar to traditional financial institutions.
As reported by Bitcoinist, the senator, who has been leading an anti-crypto movement in the Senate, said: “I'm all for having a crypto system if people want to buy and sell crypto. All I want is some basic fair rules,” marking a departure from her historically hostile rhetoric towards the crypto industry.
Deaton challenged Warren's position, asserting that “the rules are already there” and questioning her motives for aligning with “anti-crypto sentiments.” He further argued that Warren's policies negatively impacted the working class, stating they “hurt poor people.”
During the debate, the pro-XRP lawyer also criticized Warren for focusing her attacks on crypto while ignoring pressing issues like inflation and border security.
Warren countered by suggesting that if Deaton were to win a Senate seat, he would allegedly prioritize the interests of the crypto industry, implying that figures within the digital asset sector are funding his campaign.
At the time of writing, XRP is trading at $0.5455, having experienced sideways movement over the past two weeks, with gains of 0.5% and 1.3% over the seven and fourteen-day periods, respectively.
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