John Deaton criticized Massachusetts Senator Warren for her anti-crypto position, stating bitcoin accounts for less than 1% of illicit transactions
John Deaton, the Republican nominee for the U.S. Senate from Massachusetts, has launched fresh attacks against incumbent Senator Elizabeth Warren over her criticism of the cryptocurrency industry, accusing her of favoring the banking sector instead.
During an interview with WBUR, Deaton shared data showing that cryptocurrencies are used far less for illicit activities than Warren claims while highlighting the extensive money laundering facilitated by major banks.
John Deaton: Less Than 1% of Bitcoin Used in Illicit Transactions
In his recent interview, Deaton, an attorney for XRP, criticized Senator Warren for her ongoing negative stance on cryptocurrencies, particularly her focus on their use in illegal activities.
Deaton pointed out that less than 1% of Bitcoin and cryptocurrency transactions are tied to illicit purposes, citing figures from the UN Office on Drugs and Crime.
In contrast, he noted that between $800 billion and $2 trillion is laundered through traditional banks each year, specifically naming HSBC, JPMorgan, Bank of America, and Wells Fargo as major offenders—rather than cryptocurrencies.
Deaton further accused Warren of being a strong advocate for large banks, noting her frequent criticism of “crypto billionaires.”
He also claimed to have done more to achieve regulatory clarity for financial assets than Warren, reminding her of his legal battle with the SEC, where he represented 75,000 individual token holders, all without charge.
Deaton emphasized that his work as a private citizen in this area has been more effective than Warren’s efforts as a member of the Senate Banking Committee.
In addition to Deaton’s criticism, other crypto supporters like Anthony Scaramucci and Mark Cuban, who back Kamala Harris, have also attacked Warren, calling her a hypocrite.
Scaramucci referred to Warren and SEC Chair Gary Gensler as the “access of regulatory evil.”
Crypto Legislation Post-Trump Victory?
Under the current Biden administration, progress on crypto legislation has slowed, and the next potential Democratic nominee, Kamala Harris, seems similarly uninterested in the issue, as cryptocurrencies are not part of her recent policy decisions.
Meanwhile, Donald Trump has promised several crypto-friendly policies if he returns to office.
With the support of figures like John Deaton, who have a deep understanding of the legal landscape around crypto, Trump could expedite legislation that would bring regulatory clarity to the industry.
The U.S. SEC has alarmed many crypto firms over recent years, and analysts predict further crackdowns in September.
