John Deaton, founder of Crypto Law and a prominent attorney in the SEC vs Ripple lawsuit, is reportedly considering running as a Republican against crypto-critic Senator Elizabeth Warren in the 2024 US Senate elections in Massachusetts.
Deaton is taking a “serious look” at the Senate run and will decide in the coming days, Boston Globe reported. Jim Conroy, the senior advisor to former Republican Governor Charlie Baker, has been consulting with Deaton and confirmed the news.
At a time when Senator Warren has been highly vocal against cryptocurrencies, deaton’s entry would mark the first major challenger. Sen. Warren is seeking a third term this year and announced that she was running for reelection in 2023.
She has positioned herself as Congress’ foremost crypto skeptics, who recently criticized crypto industry’s hiring of former government officials. She also sent a bipartisan letter signed by 100 lawmakers, calling Biden administration to address crypto’s use in terrorist financing.
Further, should Deaton enter the race, there would be a positive clarity on the country’s crypto regulatory stance. This is because, cryptos have played a major role in deciding the outcome of the US election in November.
Additionally, another crypto-loving Republican Bernie Moreno is running against Senate Banking Chair Sherrod Brown in the Ohio race. Brown has been prominent in shaping crypto legislation and urged the CFTC, SEC and Treasury Secretary to enhance crypto transparency.
Crypto Becoming a Major Talking Point Among Politicians
As on January, a total of 18 Senators in the US are in support of cryptos, per Coinbase’s advocacy group. Dubbed ‘Stand With Crypto,’ the data shows Senators who are in strong support to regulate the asset class.
Senators Cynthia Lumnis and Ted Burr are currently standing as the most pro-crypto politicians with both touting eight crypto bills. Lumnis has 187 statements about crypto, while, Burr has 25 crypto statements.
Other crypto-friendly Senators Ted Cruz and Bill Hagerty closely follow Lumnis and Burr with 5 crypto bills combined.
With 100 senators in the United States Senate, two for each state, around 30 Senators stand strongly against crypto developments. Sen. Warren leads being against the asset class with 3 crypto bills and 78 statements, closely followed by Sen. Brown.