Is Elizabeth Warren Feeling The Heat From Pro-XRP Lawyer John Deaton's Challenge?

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XRP Lawyer John Deaton Slams Senator Elizabeth Warren For Anti-Stablecoin Letter – Crypto News

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1 year ago

April 18, 2024

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In a scathing rebuke, XRP lawyer John Deaton has lashed out at Senator Elizabeth Warren for her recent letter to Treasury Secretary Janet Yellen. The letter expressed concerns over stablecoins and their potential exploitation by terrorist organizations and rogue nations. Meanwhile, Deaton took to social media platform X to voice his criticism.

XRP Advocate John Deaton Takes Firm Stand Against Warren

John Deaton highlighted the issue as misplaced priorities on Senator Warren’s part. “While Massachusetts faces several crises (e.g., illegal immigration, deficit spending, income inequality, soaring inflation, opioid addiction, increased taxation, wealth flight, etc.), Elizabeth Warren is working hard on behalf of the banking industry,” Deaton wrote on X.

Moreover, the XRP advocate emphasized the senator’s purported neglect of pressing domestic issues, such as those affecting Steward Hospitals. Deaton added, “Too bad she didn’t pay this kind of attention on matters at home, like Steward Hospitals.”

The XRP lawyer’s remarks came in response to a post by Alexander Grieve, the Government Affairs Lead at Paradigm, a tech investment firm. In a post on X, Grieve shared snapshots of Warren’s letter to the Treasury Secretary Janet Yellen.

Grieve wrote, “Senator Warren really ramping up the anti-stablecoin letters. Here’s another one to Treasury Secretary Janet Yellen, calling on her to push for including “nodes in the DeFi system” [sic] in the AML sections of any stablecoin legislation.”

Furthermore, the XRP lawyer has provided a firm stance in the Coinbase vs SEC lawsuit. In a recent interview with Fox Journalist Eleanor Terrett, Deaton revealed that he will submit an amicus brief on behalf of Coinbase in October. In addition, he added that the move would precede his Senate campaign.

Also Read: Coinbase Vs Sec: John Deaton Vouches to File Amicus Brief for Coinbase Customers

Contents Of Senator Elizabeth Warren’s Letter

On April 16, Senator Warren penned a letter to Treasury Secretary Janet Yellen. She called for decisive action to address the perceived threat posed by cryptocurrencies to national security. In her missive, Senator Warren underscored concerns over the potential exploitation of digital assets, particularly stablecoins, by terrorist organizations and rogue nations.

The letter follows recent testimony by Deputy Secretary Adewale O. “Wally” Adeyemo before the Senate Committee on Banking, Housing, and Urban Affairs. During the hearing, Deputy Secretary Adeyemo highlighted the need for additional anti-money laundering (AML) authorities to counter the misuse of cryptocurrencies for illicit purposes.

Moreover, Senator Warren’s letter echoed Deputy Secretary Adeyemo’s concerns. In addition, it emphasized the urgency of adopting measures to prevent bad actors from exploiting the anonymity and decentralization of cryptocurrencies. Citing Treasury’s November 2023 letter to Congress, Senator Warren called for the inclusion of AML/CFT requirements for the entire digital asset ecosystem. This includes payment intermediaries such as miners and validators.

“The pseudonymity of crypto-asset transactions may also lead to financial institutions unknowingly but directly engaging in what may result in illicit financial activity,” Senator Warren wrote. Moreover, she cited the Federal Reserve’s denial of membership to a state-chartered crypto bank due to concerns over potential links to illicit finance.

Furthermore, Warren highlighted the reliance of rogue nations like Iran on crypto financing. In addition, she warned of the risks associated with excluding key players in the crypto ecosystem from regulatory scrutiny. She cited estimates of Iranian revenue from validating crypto transactions. Hence, advocating the need for stringent measures to prevent terrorist organizations like Hamas from accessing digital assets.

Also Read: XRP Price: Fall To $0.3 Imminent Pre-Bitcoin Halving?