Elizabeth Warren's Attacks on Cryptocurrency Are Coming Back to Haunt Her as Tycoons Work to Remove Her from Office
Sen. Elizabeth Warren (D-MA) is facing significant backlash for her anti-cryptocurrency, big government stance over the last few years as more than a dozen crypto executives and tycoons are donating to her opponent, Republican candidate John Deaton, in anticipation of unseating her in the upcoming election.
To say the least, they are putting their money where their mouths are and doing what they can to see a change.
So far, Deaton — a former U.S. Marine and crypto lawyer — received contributions from Cameron and Tyler Winklevoss of Gemini; billionaire investor and bitcoin, Ethereum and crypto-convert Mark Cuban; Perianne Boring, founder and chief executive of the Chamber of Digital Commerce; ex-Sam Bankman Fried business associate, former White House communications director and founder of SkyBridge Capital Anthony Scaramucci; Ripple CEO Brad Garlinghouse; and Ripple’s executive chair and co-founder, Chris Larsen, Politico reported.
On Friday, Deaton tweeted out that he has received $1.2 million in contributions in just 42 days and has that amount as “cash on hand.”
At grocery stores, coffee shops, gas stations, people all over Massachusetts tell me they’re tired of Washington’s political elite looking out for their own careers and special interest groups instead of people who work hard and play by the rules. They’re tired of Congress’… pic.twitter.com/tTnCpLBLyf
— John Deaton (@DeatonforSenate) April 12, 2024
While significant, this still places Warren ahead of him. In his latest campaign newsletter, Deaton said Warren still has “$4.4 million cash on hand, and after we file our report, the big money interests that protect her will undoubtedly start spending money to attack me.”
John Deatons new Anti Warren newsletter came out 👀 full attack mode – fighting the good fight @JohnEDeaton1
“I’m excited to announce that our first quarter FEC report will show total revenues of approximately $1.36 million, exceeding Elizabeth Warren’s $1.1 million reported.…
— MartyParty (@martypartymusic) April 12, 2024
As of her last filing in December, Warren had $3,918,396 cash on hand.
Politico reported, “Deaton has virtually no chance of unseating Warren in deep-blue Massachusetts. But that’s not stopping crypto proponents from personally spending to boost him — and potentially blunt their Capitol Hill adversary.”
Although the road to unseating Warren will prove challenging, it is not impossible.
What’s more powerful, still, is the fact that influential crypto figures are coalescing against Warren, using the power of their pockets to push for the change they wish to see.
In fact, Political noted that a coalition of influential crypto-focused political action committees (PACs) started the year with over $80 million in funds and has been actively deploying millions to support proponents of the industry while working against its detractors.
This group of crypto PACs has reportedly identified its next strategic priorities as the notable Senate contests in Ohio and Montana.
Democratic senators Sherrod Brown and Jon Tester, both known for their critical views on cryptocurrencies, are said to be targets of this PAC, which is looking to unseat them in their re-election efforts.
Crypto and digital assets were never meant to become politicized.
In fact, one of the most appealing features of cryptocurrencies is that — from its inception with the creation of Bitcoin — it was meant to cut across political, religious, ethnic and ideological preconceptions that have all too often divided people.
Unfortunately, crypto has become a political issue over the last few years and, according to those backing Warren’s opponent, has increasingly and arguably seen greater support from Republicans than Democrats, which has been strongly demonstrated by Warren.
“Elizabeth Warren represents all of the worst things about American politicians,” Scaramucci told Politico. “It’s no longer about what’s right or wrong for the country, but what’s hard left. So we’re going to work our hardest to spend as much money as we can and raise as much money as we can to defeat her.”
The perception that Republicans are more favorable to the interests of the cryptocurrency-digital assets, blockchain technology and its accompanying industries, is influenced by several factors related to typical party ideologies and historical policy positions.
Republicans generally favor a regulatory approach to the digital assets industry that is more laissez-faire and emphasizes minimal government interference, which aligns with the desires of many within the crypto industry who advocate for light-touch regulation.
Republicans’ general skepticism toward large government programs and the centralization of power also resonates with the decentralized ethos of many blockchain advocates.
In addition, Republicans prefer lower taxes and less stringent financial regulations which is often viewed favorably by investors and businesses within the digital assets market, as these policies serve to increase profitability and end up encouraging investment.
Meanwhile, Democrats tend to be in favor of more stringent regulations which digital assets industry players see as a hindrance to innovation and profitability.
For example, in June 2022, Sen. Kristen Gillibrand (D-NY) spoke at the Washington Post’s “The Evolution of Money: Cryptocurrency Regulation” event where she suggested once regulations are implemented for Web 3.0 that she would be in favor of retroactively regulating Web 2.0.
“We never regulated Web 2.0. We never looked at the platforms and said what is the privacy harm. We never looked at requirements about who owns someone’s data. We never looked at the question of surveillance capitalism,” Gillibrand said. “We never made decisions about any of these very hard issues that unfortunately are harming our children, are harming our economy, are harming our nation with division.
“And so, if we get Web3 right, we can then maybe go back and look at Web 2.0 and say what would a data protection agency look like, to begin to look at that.”
Several Republican lawmakers have also been vocal supporters of cryptocurrency and blockchain technology, advocating for clear and favorable regulatory frameworks that could help the U.S. maintain a leading role in the global digital assets market.
That said, Democrats also support the development of blockchain technology and the integration of digital assets into the American financial system, and typically emphasize the importance of consumer protection, regulation to prevent abuses, and addressing environmental concerns related to technologies like cryptocurrency mining.
Despite Warren’s best efforts to appear crypto friendly, those in the digital assets industry see through the fluff.
In February, she signed a certificate to honor Bitcoin creator Satoshi Nakamoto with a ceremonial flag flying, saying, “Americans are forever grateful.” The news was covered by Bitcoin Magazine which tweeted about it.
BREAKING: Elizabeth Warren signs a certificate to honor #Bitcoin creator Satoshi Nakamoto with a ceremonial flag flying. “Americans are forever grateful.” 🇺🇸 pic.twitter.com/eOlQtbPLOL
— Bitcoin Magazine (@BitcoinMagazine) February 15, 2024
However, the tweet was swiftly Community Noted on X: “For context: “Anyone can purchase a flag that has flown over the U.S. Capitol,” U.S. Rep. Jim Cooper said. His website, like those of other members of Congress, has a link to the flag program. Therefore, it doesn’t mean that Elizabeth Warren has pivoted her views on Bitcoin.”
In 2022, Warren supported the Digital Asset Anti-Money Laundering Act, which was specifically designed to limit cryptocurrency transactions by financial institutions.
The election will be held on November 5.
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