Democrat Elizabeth Warren will serve her third senate term, beating John Deaton, a well-known crypto advocate. Warren, a progressive Democrat, was projected the winner by the Associated Press immediately after counting 50% of the total votes.
During the heated campaign, much of the debates and policy discussions revolved around cryptocurrency regulation, with Senator Warren promising stricter crypto regulations.
Republican Deaton, on the other hand, is a crypto industry lawyer and a well-known blockchain supporter. Warren’s win reinforces the growing call for cryptocurrency scrutiny 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 Scrutiny
This year’s US national and state elections highlight cryptocurrencies’ growing importance, use cases, and regulations. Warren, seeking her third Senate term, campaigned for stricter crypto regulations, particularly in implementing the KYC/BSA rules. On the other hand, Deaton entered the elections with the support of the big players in the crypto industry.
Throughout her senate stint, Warren has consistently flagged the crypto industry, warning about potential fraud. As such, she called for increased monitoring and regulation of the space.
BTCUSD trading at $73,416 on the daily chart: TradingView.com
Specifically, Warren supported the passage of the anti-money laundering bill, which aimed to strengthen the country’s bank secrecy laws and KYC rules. During debates, she called for an expansion of the KYC rules to also cover validators, miners, and crypto wallet providers and asked the industry to comply.
Deaton’s Pro-Crypto Campaign Promise
John Deaton entered the race as a cryptocurrency industry supporter. Deaton a lawyer, has earned the support of crypto bigwigs such as Ripple’s Chris Larsen and Brad Garlinghouse, Scaramucci, and the Winklevoss twins. The Community Fund, a US PAC supporting crypto-friendly politicians, supported him.
Source: Andrew Burke-Stevenson/The Boston Globe
As a crypto supporter, Deaton has clashed with the Securities and Exchange Commission (SEC) over regulations to win over some Democratic sympathy. He also promised to support the legalization of Roe v. Wade. In one debate, Warren raised Deaton’s connection with the crypto industry, claiming that the industry is spending enormous resources just to unseat her.
Warren’s Third Term And Implications To Crypto Space
Now that Warren has secured her third term, the crypto community will be under tight watch, specifically by the Senate Banking and Finance Committees, of which she is a member. Crypto users and developers can expect stricter potential policies on cryptocurrencies.
Deaton carped at Warren during the campaign for her ill-directed attention on cryptocurrencies. He said that other more important concerns like inflation and border security should take front stage. But this election showed that the Massachusetts voters preferred Warren’s method of consumer protection and concentrated more on crypto control.
Featured image from elizabethwarren.com, chart from TradingView
