With just 15 days until the US general election, Tesla CEO and prominent Dogecoin supporter Elon Musk is throwing his weight into the political fray with his recent support for pro-XRP lawyer John Deaton, 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 job by Coinbase CEO Brian Armstrong, who urged Massachusetts voters to support Deaton. Armstrong pointed out that Warren played a central role in appointing Gary Gensler as chairman of the Securities and Exchange Commission (SEC), which he said was detrimental to the cryptocurrency industry.
Musk echoed Armstrong’s sentiments, solidifying his alignment with the now increasingly pro-crypto Republican Party and its figurehead, Donald Trump, who has promised vocally to support the industry if he returns to the Oval Office in January.
Armstrong called Warren “anti-freedom,” arguing that she believes the government should control financial services, similar to Chinese practices. Musk echoes this sentiment with a simple “Yes” in response to Armstrong’s assertions, indicating his strong disapproval of Warren’s policies. Armstrong said:
Crypto holders in MA should realize that @SenWarren is the one who got Gary Gensler his job and encouraged him to try (illegally) to kill the crypto industry in America. Fortunately, they did not succeed as we and others fought back.
Warren’s stance on crypto in debate against Pro-XRP Deaton
The political landscape heated up following the debate between Warren and Deaton, where the senator surprised many by expressing a conditional openness to digital assets, provided the industry adheres to regulations similar to those of financial institutions traditional.
As reported Per Bitcoinist, the senator, who has been at the forefront of an anti-crypto movement in the Senate, said: “I’m all for a crypto system if people want to buy and sell crypto . All I want is a level playing field,” marking a departure from his historically hostile rhetoric toward the crypto industry.
Deaton, however, took issue with Warren’s position, saying “the rules are already there” and questioning her motives for aligning with “anti-crypto sentiments.” He further argued that Warren’s idea policies had a negative impact on the working class, claiming they were “hurting the poor”.
During the debate, the pro-XRP advocate further criticized Warren for focusing her attacks on crypto while neglecting pressing issues such as inflation and border security.
Warren responded by suggesting that if Deaton won a Senate seat, he would put the Senate’s interests first. crypto industrywhich implies that figures in the digital assets sector are financing his campaign.
At the time of writing, XRP is trading at $0.5455, having seen a sideways movement over the past two weeks, with gains of 0.5% and 1.3% over the seven and fourteen days, respectively.
Featured image of DALL-E, chart by TradingView.com
