Republican Candidate John Deaton Criticizes Sen. Warren Over Anti-Bitcoin Stance

Republican Senate candidate and pro-crypto lawyer, John Deaton has once again taken a dig at Senator Elizabeth Warren for her firm opposition to Bitcoin.  On Wednesday morning, the Republican took to Twitter and retweeted a report reading Bitcoin becoming the sixth largest asset. He also called out Senator Warren’s anti-bitcoin sentiment as he drew a parallel to Massachusetts’ decision to prevent retail investors from purchasing Apple stock during its initial public offering back in 1980 with that of Warren’s actions.

Deaton believes that Warren’s anti-Bitcoin stance reflects a broader pattern of regulatory choices that have historically restricted wealth-building prospects for middle-class Americans. 

Bitcoin ranks as the 6th largest asset in the world but @ewarren wants to prevent regular people from owning and holding Bitcoin in their own wallets. It’s the exact same thing as preventing a person from buying gold coins or gold bars, holding them in a safe in their home.… https://t.co/15t7Wh2y0K pic.twitter.com/SOcvX2ViJS

— John E Deaton (@JohnEDeaton1) October 29, 2024

In 1980, Massachusetts made the decision to prevent its residents from engaging in Apple’s IPO and argued that it was too risky for average investors. This ‘safety measure’ was intended to safeguard people from potential financial setbacks and keep common folks from investing in an opportunity that would turn out to be profitable. According to Deaton, if a typical Massachusetts resident had invested just $100,000 in Apple stock back then, that investment could be worth millions today. 

Senator Warren has been outspoken about her worries regarding Bitcoin on several occasions. In the past, she pointed out the instability and possible environmental consequences of Bitcoin mining. She believes that strong regulations are crucial to be put in place to safeguard citizens from what she views as a ‘risky investment’. 

On the other hand, Bitcoin advocates like Deaton, view these regulations as an attempt by the government to block middle-class Americans from engaging in financial opportunities that are typically available to wealthier institutional investors.  

By drawing a comparison of Bitcoin to Apple, Deaton argues that the restriction on Bitcoin not only limits personal freedom but also keeps the average American from tapping into an asset that could provide significant growth in the near future. He suggests that Warren’s stance reflects a kind of financial paternalism that could ultimately prevent ordinary individuals from achieving financial freedom. 

The big question here is whether regular investors should have the freedom to make their own decisions in risky assets or if government regulation should play a vital role in the choices investors make. Where do we draw the line?

Also Read: John Deaton Challenges Former SEC Attorney Over Anti-Ripple Investor Actions