Bitcoin will help eliminate the need for predatory banks and middlemen by allowing people without access to traditional banking services to participate in the financial system, pro-cryptocurrency Democratic Senator John Deaton of Elizabeth Warren said Tuesday. He made the statement during his first debate in the Massachusetts Senate.
Deaton cited his mother's personal experience fighting traditional banks, particularly check-cashing banks that charge high fees for cashing Social Security checks. He said #bitcoin could be a tool to help people like his mother who have been excluded from the traditional financial system.
When bitcoin came along, I thought, Great, now we can get rid of predatory banks and middlemen.
The Republican candidate also questioned Sen. Warren's anti-cryptocurrency approach, saying he believes #cryptocurrencies are important given the current economic outlook and growing geopolitical tensions.
According to Deaton, Senator Warren's proposed Digital Asset Anti-Money Laundering Act seeks to impose strict regulations on digital assets, including self-identified wallets, and ignores the interests of retail investors, especially those from low socioeconomic backgrounds.
His bill bans self-storage of cryptocurrencies in the U. S. , but allows banks to store bitcoins. This is yet another example of Senator Warren's policies not helping the poor and not helping the working class. She is in favor of an accredited investor rule that excludes 85% of U. S. citizens, Deaton emphasizes. Her policies absolutely hurt the poor.
When asked about his close ties to the crypto industry, Deaton justified himself by saying that he has upset many wealthy people in the #cryptocurrency industry. He specifically mentioned the exposure of people like former SEC official Bill Hinman, emphasizing his commitment to transparency and accountability.
In response to Warren's claim that 90 percent of her campaign contributions came from the cryptocurrency industry, Deaton said that such support for crypto was expected when attempts were made to ban it.
Deaton officially announced his candidacy for the U. S.
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