Elon Musk Seemingly Backs John Deaton in Senate Challenge to Elizabeth Warren

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Julia Smith

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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October 22, 2024

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Elon Musk took to X on October 21, seemingly endorsing Senate candidate John Deaton in his bid to defeat Elizabeth Warren.

Deaton, a trial attorney and Marine veteran, has gained traction in the crypto community for his support of digital assets, and Musk’s endorsement could provide a critical boost as the race enters its final stages.

Musk’s Subtle Support for John Deaton

“Crypto holders in MA should realize @SenWarren is the one who got Gary Gensler his job and encouraged him to (unlawfully) try and kill the crypto industry in America,” Coinbase CEO Brian Armstrong wrote in an October 20 X post.

“She is anti-freedom, thinks the government should run all financial services (similar to China), and has done enormous harm to this country,” he added.

Musk endorsed the message by reposting it with a simple “yes.”

The post received significant support on X, accumulating over 27,000 likes and nearly 5,000 reposts after Musk shared it on October 21.

John Deaton Takes on Elizabeth Warren

Elon Musk’s endorsement comes as Deaton and Warren enter the final weeks of a heated race, with both candidates clashing over digital assets and their regulation.

Warren, known for her staunch anti-crypto reputation, has championed a regulation-by-enforcement approach.

The Democratic Senator from Massachusetts spearheaded the Digital Assets Anti-Money Laundering Act (DAAMLA), a bill that would extend the Bank Secrecy Act to certain digital wallet providers.

“Rogue nations, oligarchs, drug lords, and human traffickers are using digital assets to launder billions in stolen funds, evade sanctions, and finance terrorism,” Warren said in support of the bill.

Critics argue that DAAMLA imposes excessive regulations on the blockchain sector, potentially driving crypto businesses abroad.

Deaton, on the other hand, has been outspoken in his support for crypto-friendly policies, criticizing SEC Chair Gary Gensler after the agency filed an appeal earlier this month in a widely discussed case.

“Because the SEC is pursuing an anti-crypto agenda, it will now waste more taxpayer money,” Deaton wrote. “@GaryGensler is a disgrace.”

Crypto Community Rallies Behind Deaton

Deaton has received support from key figures in the crypto industry, including billionaire investor Mark Cuban, Ripple CEO Brad Garlinghouse, and Gemini co-founders Tyler and Cameron Winklevoss.

Despite trailing Warren in official polls, Deaton’s recent endorsements from prominent crypto figures could provide him with a crucial boost as the race nears its conclusion.

As the election draws near, the debate surrounding digital asset regulation has intensified.

While Warren pushes for stricter oversight, Deaton argues for a more crypto-friendly approach, setting the stage for a decisive contest between the two candidates.