Elon Musk, Coinbase CEO Rally Behind John Deaton in Battle Against Elizabeth Warren

Key Takeaways

• Tesla CEO Elon Musk has echoed Coinbase CEO Brian Armstrong’s support for pro-crypto candidate John Deaton.
• Ripple-backed Deaton is facing anti-crypto Senator Elizabeth Warren.
• The election will take place on Tuesday, Nov. 5, 2024.

Elon Musk and Coinbase CEO Brian Armstrong have publicly rallied behind Republican political newcomer John Deaton as the pro-crypto candidate goes head-to-head against Senator Elizabeth Warren.

The Senate race between Deaton and Warren, two candidates on opposite sides of the cryptocurrency spectrum, has so far played out as a dramatic battle for crypto—with the winner promising majorly different courses for the industry.

Musk and Armstrong Rally Behind Deaton

On Monday, Oct. 21, Coinbase CEO Brian Armstrong took to X to urge Massachusetts residents to vote for Deaton.

Armstrong previously stated that crypto was “becoming a staple in every institution’s portfolio” and slammed Warren as “anti-freedom.”

“She is anti-freedom, thinks the government should run all financial services (similar to China), and has done enormous harm to this country,” he wrote on X.

The comments were met with overwhelming support from the crypto industry, which has long lambasted Warren as a potential killer of the crypto industry.

Among the support was Elon Musk, who echoed Armstrong’s statements with a simple “Yes” in a post on X.

Musk has been a long-time backer of crypto and DeFi, regularly highlighting the importance of digital currencies in reducing the control that traditional financial institutions and governments have over the monetary system.

Deaton vs. Warren

Since Deaton’s shock win in the Massachusetts Republican primary, he and Warren have repeatedly debated crypto.

Warren has consistently positioned herself as one of the harshest critics of the cryptocurrency industry within the U.S. government.

The Democratic Senator previously said she would form an “anti-crypto” army and proposed bills that would heavily control digital currencies.

However, in the penultimate debate before the election on Tuesday, Nov. 5, 2024, Warren seemed to have softened her views on the industry.

“I’m all for having a crypto system if people want to buy and sell crypto. All I want is for them to follow the same rules as everyone else,” she stated.

Despite the slight softening, Warren remained critical of Deaton’s political priorities.

The Democratic Senator claimed that if Deaton were elected, his “crypto buddies are going to want a return on their investment.”

Deaton hit back at the Senator, highlighting his role in the landmark SEC vs. Ripple case, which he claimed legalized the world’s third-largest cryptocurrency.

“[…]because of my work, I won the Lawyer of the Year Defender of Freedom award.”

What To Expect

The political race for the Massachusetts senate has turned into a landmark moment for crypto, and it could massively impact future regulation of the industry.

On one side of the race, Senator Warren has mass institutional and governmental support , as many regulatory agencies and financial bodies share her concerns about crypto’s lack of oversight.

Her position echoes concerns long raised by policymakers wanting to uphold the integrity of the traditional financial system.

However, on the other side, Deaton represents the voices within the crypto community that view digital assets as a crucial innovation.

The Republican candidate is also backed by the crypto industry’s deep pockets . Ripple recently contributed $1 million to the Commonwealth Unity Fund , a PAC dedicated to unseating Warren.