With the US general elections 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 endorsement of pro-XRP lawyer John Deaton, who is running for a Senate seat against Massachusetts Senator Elizabeth Warren, known for her anti-crypto stance.
Musk Aligns With Pro-Crypto Movements?
Musk’s support came in response to a post by Coinbase CEO Brian Armstrong, who urged Massachusetts voters to back Deaton. Armstrong emphasized that Warren played a pivotal role in appointing Gary Gensler as the chair of the Securities and Exchange Commission (SEC), which he claims has been detrimental to the cryptocurrency industry.
Musk echoed Armstrong’s sentiments, further cementing his alignment with the now increasingly pro-crypto Republican Party and its figurehead, Donald Trump, who has vocally promised to support the industry should he return to the Oval Office in January.
Armstrong labeled Warren as “anti-freedom,” arguing that she believes the government should control financial services, akin to practices in China. Musk echoed this sentiment with a simple “Yes” in response to Armstrong’s assertions, indicating his strong disapproval of Warren’s policies. Armstrong stated:
Crypto holders in MA should realize @SenWarren is the one who got Gary Gensler his job and encouraged him to (unlawfully) try and kill the crypto industry in America. Luckily they did not succeed as we and others fought back.
Warren’s Stance On Crypto In Debate Against Pro-XRP Deaton
The political landscape has heated up following the debate between Warren and Deaton, where the senator surprised many by expressing a conditional openness to digital assets, contingent upon the industry adhering to regulations similar to traditional financial institutions.
As 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 is some basic fair rules,” marking a departure from her historically hostile rhetoric towards the crypto industry.
Deaton, however, challenged Warren’s position, asserting that “the rules are already there” and questioning her motives for aligning with “anti-crypto sentiments.” He further argued that Warren’s policies negatively impacted the working class, stating they “hurt poor people.”
During the debate, the pro-XRP lawyer further criticized Warren for focusing her attacks on crypto while neglecting pressing issues like inflation and border security.
Warren countered by suggesting that if Deaton were to win a Senate seat, he would allegedly prioritize the interests of the crypto industry, implying that figures within the digital asset sector fund his campaign.
At the time of writing, XRP is trading at $0.5455, having experienced sideways movement over the past two weeks, with gains of 0.5% and 1.3% over the seven and fourteen-day periods, respectively.
Featured image from DALL-E, chart from TradingView.com