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 overall votes.
Through the heated campaign, much of the debates and policy discussions revolved around cryptocurrency regulation, with Senator Warren promising stricter crypto regulations.
Republican Deaton, then again, 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 web site’s Know Your Customer (KYC) protocol.
Source: The Recent York Times
Warren Expected To Push For More Crypto Scrutiny
This yr’s US national and state elections highlight cryptocurrencies’ growing importance, use cases, and regulations. Warren, looking for her third Senate term, campaigned for stricter crypto regulations, particularly in implementing the KYC/BSA rules. Alternatively, Deaton entered the elections with the support of the large players within 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 day by day 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 corresponding to 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 a single debate, Warren raised Deaton’s reference to the crypto industry, claiming that the industry is spending enormous resources simply to unseat her.
Warren’s Third Term And Implications To Crypto Space
Now that Warren has secured her third term, the crypto community might 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 throughout the campaign for her ill-directed attention on cryptocurrencies. He said that other more essential concerns like inflation and border security should take front stage. But this election showed that the Massachusetts voters preferred Warren’s approach to consumer protection and concentrated more on crypto control.
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