Crypto advocacy Stand With Crypto has backed John E. Deaton, highlighting his stance on digital assets as he challenges Senator Elizabeth Warren.
Stand With Crypto, a crypto advocacy group, has endorsed pro-crypto lawyer John E. Deaton in his campaign against Senator Elizabeth Warren for the Massachusetts Senate seat.
The endorsement signals growing support for Deaton’s pro-crypto regulatory stance as he faces Warren.
🚨NEW: Advocacy group @standwithcrypto has now endorsed @JohnEDeaton1/@DeatonforSenate in his run against @SenWarren.👇🏼 https://t.co/a9W9gupbcb
— Eleanor Terrett (@EleanorTerrett) September 27, 2024
Deaton, known for his defense of XRP (XRP) holders in the U.S. Securities and Exchange Commission lawsuit against Ripple Labs, has gained popularity among crypto enthusiasts. Stand With Crypto’s endorsement suggests that the group views Deaton as a candidate who will champion pro-crypto policies and fight for regulatory clarity.
Stand With Crypto’s website claims to have over $180 million raised, with crypto companies like Exodus donating $1.3 million to Stand With Crypto to support pro-crypto candidates in the upcoming U.S. elections.
On Sept. 13, Andreessen Horowitz’s a16z Crypto fund partnered with Stand With Crypto and OpenSea to launch the Creator Legal Defense Fund, providing legal support to NFT artists.
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Deaton vs. Warren’s crypto beliefs
In contrast, Senator Warren has consistently pushed for stricter regulations on the crypto industry.
She argues that digital assets pose risks such as money laundering, fraud, and national security threats. Warren has called for tighter oversight, advocating for policies that would subject crypto to regulations similar to those governing traditional finance.
Her stance has made her a target of criticism within the crypto community, which views her approach as overly restrictive and potentially harmful to innovation.
Deaton, meanwhile, has emphasized that he’s not running on crypto, but his campaign has resonated with crypto supporters who want more balanced regulation.
Stand With Crypto’s endorsement reinforces his message that the industry needs advocates willing to challenge what they see as aggressive and unclear regulatory measures. As the race heats up, the endorsement adds another layer to the ongoing debate over crypto’s future in U.S. financial policy.