Regulation

John Deaton Blames Warren & Biden on Partisan Stance

Published

7 months ago

June 3, 2024

Pro XRP lawyer John Deaton has accused Senator Elizabeth Warren and President Joe Biden of being too political in their approach to cryptocurrency regulation.

Deaton, who is contesting with Senator Warren in the forthcoming election, believes that regulation of digital assets should transcend partisan politics, focusing on the fact that innovation is needed in light of different issues facing the country.

John Deaton Blames Warren & Biden on Partisan Crypto Stance

John Deaton’s critique emerges at a time when the U.S is faced with challenges like immigration, inflation, and healthcare costs. However, according to Deaton, Senator Warren seems to be overly preoccupied with crypto regulation, something that may cost her the support of many American voters.

In the view of Deaton, Warren’s attention to this aspect has to be in line with the needs of the people she represents.

My election opponent, @ewarren, is single handedly responsible for the current administration’s anti-innovation approach. Digital assets should not, under any circumstance, be a partisan issue. With all the real world problems that we face (immigration, inflation, debt, opioid… https://t.co/UpAP5PpZXg

— John E Deaton (@JohnEDeaton1) June 3, 2024

In addition to Deaton’s criticism, Anthony Scaramucci drew attention to the fact that many people own cryptocurrencies, pointing out that 93 million Americans own cryptocurrencies, (a 30% to 40% increase) according to Google, which is comparable to the number of people who own dogs, 65 million.

Scaramucci employed this analogy to explain the adoption and acceptance of cryptocurrencies and challenged the logic of being against them as an asset class that is liked by many.

President Biden’s Veto of SAB 121

However, amid this criticism President Biden decided to veto the repeal of the SEC’s Staff Accounting Bulletin 121 (SAB 121) even with bipartisan support from the House and the Senate. The administration contends that the removal of this particular regulation may pose a threat to consumer and investor protection and may result in increased market volatility and financial risk.

Tom Emmer, a supporter of cryptocurrency and innovation, has also criticized the position of the administration. Emmer accuses senior politicians like Warren of being too cautious and unaware of the developments that are happening in the field of digital currencies.

He calls these attitudes as poisonous to the future of internet finance and points out that they stem from a misunderstanding of the importance of digital assets in today’s finance.