Democrat Elizabeth Warren will serve third Senate termbeating John Deaton, a well-known crypto lawyer. Warren, a progressive Democrat, was immediately declared the winner by the Associated Press after counting 50% of the total votes.
During the heated campaign, many of the debates and policy discussions revolved around cryptocurrency regulation, with Senator Warren promising stricter crypto regulations.
Republican Deaton, on the other hand, he is a lawyer in the crypto industry and a well-known blockchain proponent. Warren’s win reinforces growing calls for cryptocurrency oversight under the industry’s Bank Secrecy Act (BSA) and the website’s Know Your Customer (KYC) protocol.
Source: The New York Times
Warren expected to push for more crypto research
This year’s US national and state elections highlight the growing importance, use cases and regulation of cryptocurrencies. Warrenseeking her third term in the Senate, campaigned for stricter crypto regulations, particularly in the implementation of KYC/BSA rules. On the other hand, Deaton entered the elections with the support of the major players in the crypto industry.
Throughout her time in the Senate, Warren has consistently spotlighted the crypto industry and warned of potential fraud. That’s why she called for greater surveillance and regulation of space.
BTCUSD trading at $73,416 on the daily chart: TradingView.com
In particular, Warren supported the passage of the Anti-Money Laundering Act, which aimed to strengthen the country’s bank secrecy laws and KYC rules. During debates, she called for an expansion of KYC rules to include validators, miners and crypto wallet providers, and asked the industry to comply.
Deaton’s Pro-Crypto Campaign Promise
John Deaton entered the race as one cryptocurrency supporter of the industry. Deaton, a lawyer, has earned the support of crypto giants such as Chris Larsen and Brad Garlinghouse of Ripple, Scaramucci and the Winklevoss twins. The Community Fund, a US PAC that supports crypto-friendly politicians, endorsed him.
Source: Andrew Burke-Stevenson/The Boston Globe
As a crypto advocate, Deaton has clashed with the Securities and Exchange Commission (SEC) over regulations to gain some Democratic sympathy. He also pledged to support the legalization of Roe v. Wade. In one debate, Warren brought up Deaton’s connection to the crypto industry, claiming that the industry is spending vast resources just to dethrone it.
Warren’s third term and implications for crypto space
Now that Warren has secured her third term, the crypto community will be closely watched, especially by the Senate Banking and Finance Committees, of which she is a member. Crypto users and developers can expect stricter potential policies towards cryptocurrencies.
Deaton blasted Warren during the campaign for her poorly focused attention on cryptocurrencies. He said other more important concerns, such as inflation and border security, must come to the fore. But this election showed that Massachusetts voters preferred Warren’s method of consumer protection and focused more on crypto control.
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