John Deaton, a well-known attorney and advocate for cryptocurrency, has taken a strong stance against a Federal Reserve-issued central bank digital currency (CBDC) as he campaigns for a U.S. Senate seat in Massachusetts, according to a recent report by Josh O’Sullivan for Cointelegraph.
In an interview with Generation Infinity, Deaton made it clear that he would fiercely oppose any move to introduce a CBDC for consumer use by the Federal Reserve, calling it a “hill I’m willing to die on.” He expressed concerns that a federally-issued digital U.S. dollar could replace cash and allow the government to monitor and control individuals’ spending.
Deaton also took aim at Senator Elizabeth Warren’s support for a CBDC, alleging that her proposal could serve as a way to restrict the use of crypto assets like Bitcoin. He criticized her bill, which he believes could lead to a “de facto ban” on the self-custody of cryptocurrencies in the United States.
🇺🇸 DISRUPTING THE STATUS QUO! In our interview with @JohnEDeaton1, we discussed his campaign for the U.S. Senate seat in Massachusetts against Elizabeth Warren, the bipartisan nature of technology, blockchain innovation, growth versus debt, term limits, and the future of… pic.twitter.com/sIAWtBzZAU
— Generation Infinity (@GenfinityIO) September 27, 2024
Aside from his opposition to a federal CBDC, Deaton focused on broader issues like government accountability and regulatory clarity. He voiced his support for term limits for both senators and representatives, arguing that long-term incumbency stifles fresh ideas and reduces accountability in Washington. He also criticized the “revolving door” practice, where former regulators move into private sector roles soon after leaving public office, proposing a three- to five-year waiting period.
Deaton’s push for clear cryptocurrency regulations was also a central theme of his interview. He recounted his experience fighting the U.S. Securities and Exchange Commission (SEC) on behalf of XRP holders, advocating for the SEC to declare that XRP is not a security. Over the past five years, he has argued that the lack of clarity in U.S. crypto regulations has driven innovators and companies away from the U.S. market, causing many to avoid engaging with the U.S. altogether.
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