John Deaton, a proponent of bitcoin (BTC), framed cryptocurrency as a tool to combat predatory banking practices, sharing personal anecdotes about his mother’s struggles with traditional banking. He emphasized that bitcoin (BTC) could help unbanked individuals bypass banks and middlemen, reducing reliance on institutions like Western Union. Deaton criticized Senator Elizabeth Warren’s efforts to build what she called an “anti-crypto army,” arguing that she was more focused on cryptocurrency regulation than on more pressing issues like inflation and border security.

Deaton said:

With illegal immigration bankrupting this state, with inflation pricing regular people out of economy, with a debt crisis where 40% of the people don’t have 500 bucks in case of emergency, with foreign wars taking place, why did this senator wake up one day and say, with all that, I’m going to build an anti-crypto army because crypto’s so important to her?

Senator Warren, on the other hand, maintained her stance on regulating cryptocurrencies, stating that crypto should follow the same rules as banks and credit unions to protect consumers from fraud and criminal activities. She linked the lack of regulation to risks such as money laundering and terrorist financing, insisting that her focus is on ensuring financial stability. Warren also suggested that Deaton’s campaign was heavily funded by the crypto industry, raising concerns about conflicts of interest if he were elected.

Warren stated:

There’s one candidate standing here who gets 90% of the funding to keep their campaign going from one industry, the crypto industry.

Throughout the debate, Deaton countered by pointing to the failures of traditional banks, referencing Warren’s policies and their impact on working-class Americans. He claimed that Warren’s proposed regulations would harm poor people, specifically by banning bitcoin self-custody while allowing banks to hold bitcoin on behalf of customers. Deaton argued that this would exclude many from the benefits of bitcoin, which he believes can provide financial freedom to those neglected by traditional financial systems.

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