Crypto Regulation Uproar! Can John Deaton End Warren’s Senate Streak?

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In the 2024 US Senate election, Massachusetts is likely to see a tough battle (unlike in the past), as many crypto leaders have come openly to support Republican candidate John Deaton against Elizabeth Warren, who is aiming for her third consecutive victory from the constituency. Recently, Coinbase co-founder Brain Armstrong openly urged Massachusetts voters to support the Republican candidate. Why is the entire crypto community against Warren? Can this affect the possibility of Warren’s victory? Let’s analyze this deeply!

Top Crypto Leaders Unhappy with Warren: Why?

Many crypto leaders believe that Warren played a pivotal role in appointing Gary Gensler as the chair of the US Securities and Exchange Commission – which has launched tougher legal battles against prominent cryptocurrency companies. The Coinbase co-founder even alleged that Warren encouraged the SEC chair to take tougher actions against the crypto industry. He also claimed that Warren advocated for a government-controlled financial system. 

Armstrong is not the only crypto leader who has come out openly against Warren. A prominent crypto lawyer, identified as MetaLawMan on X, recently published a post urging the voters of Massachusetts to vote for John Deaton, strongly denouncing her stance against the cryptocurrency sector. 

As per a recent media report, many crypto enthusiasts consider Warren to be one of the key architects of Operation Choke Point 2.0 – a regulator crackdown resulting in purposefully restricting access to the banking system for digital asset firms.  

What Warren Has To Say About The Crypto Leaders’ Criticism 

Warren has not yet responded to the latest allegations. In the previous month, she strongly criticised crypto-fund groups, alleging that crypto leaders don’t want fair regulations for the crypto industry. She attempted to justify her tougher stance on crypto regulation, projecting it as a policy to protect the interest of the working-class population. 

Anyway, Democratic Presidential candidate Kamala Harris recently softened her former stance on crypto regulation, expressing willingness to replace Gary Gensler with an SEC chair more open to the cryptocurrency finance sector.

Can Republicans Defeat Democrats with Crypto Leader’s Support in Massachusetts?

Massachusetts has a long history of supporting Democratic candidates. It was from here that John F. Kennedy was elected to the US Senate in 1952. Since then, only once have Republicans been able to defeat Democrats in the constituency: it was in 2010 when Scott Brown for the Republican party won the constituency following a tough fight. However, Brown lost to Warren in 2012.

Since then, she has never tasted the bitterness of defeat. She was re-elected in 2018 as well. If she gets elected this time, it will mark her third consecutive victory – a feat only Ted Kennedy, who represented the constituency between 1962 and 2009, at least nine times, has even achieved in the modern electoral history of the constituency. 

In conclusion, if crypto leaders’ support helps Republicans to win Massachusetts, a stronghold of Democrats, the impact it could have on the political landscape of the US will be tremendous. 

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