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Ripple CEO Opposed: Warren Strikes a Blow to Crypto Enthusiasts - Coin Bulletin
US Senator Elizabeth Warren has won against her Republican rival and known crypto-friendly John Deaton in the Senate elections in Massachusetts.
According to the Associated Press, with this victory, Warren has earned the right to enter her fourth term.
Warren, known for his sharp criticisms of the crypto sector, serves on the Senate's Banking Committee, which falls within the jurisdiction of the Finance Committee, the U.S. Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC).
Warren, especially by preparing a bill against money laundering, demands that Know Your Customer (KYC) rules also apply to miners, validators, and wallet providers in the crypto sector.
Deaton's supporters in the crypto world
Deaton, who has gathered many supporters from the crypto sector, received support from names such as Ripple CEO Brad Garlinghouse. Garlinghouse announced last month that he donated to Deaton at the DC Fintech Week event. Criticizing SEC Chairman Gary Gensler frequently and objecting to the classification of XRP as a security in the lawsuit Ripple filed against the SEC, Deaton attracted attention in the crypto community with this stance.
In the legal battle that Ripple has been fighting with the SEC since 2020, it is being accused of raising $1.3 billion through XRP token sales and conducting these transactions as unregistered securities sales.
Tough debates during the election process
During a debate in October, Warren highlighted Deaton's ties to the crypto industry, saying, 'They've gotten so mad in the crypto world that they're coming to Massachusetts and funding 90% of his campaign, and they want to take this seat away from me.'
Deaton, questioning Warren's intense interest in the crypto sector, said, 'I wish she would focus on attacking inflation with the same intensity,' and asked her to focus on border security in the same way.
Warren reiterated that cryptocurrency should adhere to the same rules as traditional financial sectors in response.