Bitcoin cuts out predatory banking, empowers the unbanked, says pro-XRP attorney John Deaton

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Key Takeaways

John Deaton sees Bitcoin as a revolutionary tool that can help people avoid predatory fees associated with traditional banking systems.
He believes that Warren’s policies do not align with the needs of the working class and instead favor established financial institutions.

Bitcoin could help eliminate the need for predatory banks and middlemen, allowing people without access to traditional banking services to participate in the financial system, said pro-crypto attorney John Deaton in his first Massachusetts Senate debate against Democratic Sen. Elizabeth Warren on Tuesday.

Deaton referred to his personal experience with his mother’s struggles with traditional banks, specifically check-cashing stores that charged high fees for cashing welfare checks. He said that Bitcoin could be a tool to help people like his mother who were excluded from the traditional financial system.

“When Bitcoin came along, I thought, ‘Great, now you can cut out predatory banks and middlemen,” Deaton stated, “and you can help unbanked people like my mom.”

The Republican candidate also questioned Sen. Warren’s perceived anti-crypto approach as he believed that crypto was important considering the current economic outlook and escalating geopolitical tensions.

According to Deaton, Sen. Warren’s Digital Asset Anti-Money Laundering Act, a proposed legislation that aims to impose stringent regulations on digital assets, including self-hosted wallets, is a disregard for the interests of individual investors, particularly those from lower socioeconomic backgrounds.

“Her bill bans crypto self-custody in America, yet she’s allowing banks to custody Bitcoin, another example that Senator Warren’s policies do not help poor people, they do not help the working class. She favors accredited investor rules that exclude 85% of the American population,” Deaton stressed. “She, her policy, absolutely hurts poor people.”

When questioned about his close ties to the crypto industry, Deaton, in his defense, pointed out that he had upset many wealthy figures in the crypto space. He specifically mentioned exposing individuals like former SEC official Bill Hinman and emphasized his commitment to transparency and accountability.

Responding to Warren’s claim that 90% of his campaign donations were from the crypto industry, Deaton retorted that such support from the sector was expected when attempts were made to ban the industry.

He also mentioned his involvement in the Ripple case, which led to Ripple executive Chris Larsen donating XRP to Kamala Harris.

Deaton officially announced his candidacy for the US Senate against Sen. Warren in early February 2024, with a campaign website launching shortly thereafter. He has repeatedly criticized Warren’s anti-crypto stance and vowed to champion the interests of everyday Americans.

The attorney gained attention for his involvement in high-profile cases, particularly the SEC’s lawsuit against Ripple Labs.