With the US general election just 15 days away, Elon Musk, CEO of Tesla and a prominent supporter of Dogecoin, is throwing his weight into the political fray with his recent support of pro-XRP advocate John Deaton, who is running for a seat in the Senate. against Massachusetts Senator Elizabeth Warren, of her fame anti-crypto stance.
Musk joins pro-crypto movements?
Musk’s support came in response to a after by Coinbase CEO Brian Armstrong, who urged Massachusetts voters to support Deaton. Armstrong emphasized that Warren played a pivotal role in the appointment of Gary Gensler as chairman of the Securities and Exchange Commission (SEC), which he claims has been detrimental to the cryptocurrency industry.
Musk echoed Armstrong’s sentiments, reinforcing his alignment with the now increasingly pro-crypto Republican Party and its figurehead, Donald Trump, who verbally promised to support the industry when he returns to the Oval Office in January.
Armstrong labeled Warren “anti-freedom,” arguing that she believes the government should control financial services, similar to practices in China. Musk echoed this sentiment with a simple “yes” in response to Armstrong’s claims, signaling his strong disapproval of Warren’s policies. Armstrong stated:
Crypto holders in MA need to realize that @SenWarren is the one who gave Gary Gensler his job and encouraged him to (illegally) try to kill the crypto industry in America. Fortunately they did not succeed, as we and others fought back.
Warren’s Position on Crypto in Debate Against Pro-XRP Deaton
The political landscape has heated up following the Warren-Deaton debate, where the senator surprised many by expressing a conditional openness to digital assets, conditional on the sector adhering to regulations similar to those of traditional financial institutions .
If reported by Bitcoinist, the senator, who has been at the forefront of an anti-crypto movement in the Senate, said: “I’m all for having a crypto system if people want to buy and sell crypto. All I want are some basic fair rules,” marking a departure from her historically hostile rhetoric toward the crypto industry.
However, Deaton disputed Warren’s position, claiming that “the rules are already there” and questioning her motives for joining “anti-crypto sentiment.” He further argued that Warren’s policy had a negative impact on the working class and claimed they would ‘hurt poor people’.
During the debate, the pro-XRP advocate further criticized Warren for focusing her attacks on crypto while neglecting pressing issues like inflation and border security.
Warren responded by suggesting that if Deaton were to win a Senate seat, he would reportedly prioritize the interests of the crypto industryimplying that figures within the digital assets sector are funding his campaign.
At the time of writing,
Featured image of DALL-E, chart from TradingView.com