- John Deaton vows to oppose a Federal CBDC, warning it could harm financial freedom by enabling government control over spending.
- Deaton criticizes Senator Warren’s support for a CBDC, arguing it could ban Bitcoin and self-custody of crypto in the U.S.
- Deaton calls for clear crypto regulations and term limits for Congress, emphasizing innovation and government accountability.
A U.S. Senate candidate named John Deaton has sworn to support cryptocurrency over the Federal Reserve's proposed Central Bank Digital Currency. Generally recognized as a cryptocurrency supporter, Deaton raised grave concerns in an interview with Generation Infinity. control how much money people spend, endangering their capacity to handle their own finances.
Senator Warren's Criticism and the Risk to Bitcoin
Deaton’s opposition to the CBDC aligns with his broader critique of Senator Elizabeth Warren's similar initiative. Warren supports a Federal Reserve-issued CBDC, which Deaton believes could replace cash and restrict the use of decentralized cryptocurrencies like Bitcoin. Consequently, Deaton warned that Warren’s proposal might effectively ban Bitcoin and the self-custody of crypto assets in the U.S.
Besides his stance on CBDCs, Deaton also champions government accountability. He strongly supports implementing term limits for senators and representatives to prevent the stifling of new ideas.
Advocating for Regulatory Clarity and Accountability
Deaton also brought up the issue of the "revolving door" between public and private sector jobs, criticizing the custom of regulators leaving office and entering the private sector too soon. He argued that this practice undermines public trust in regulatory bodies. Hence, Deaton proposed a statutory gap of three to five years before former officials could assume private roles.
Deaton also underlined the significance of regulatory clarity for the bitcoin sector. Drawing on his legal struggle on behalf of XRP holders with the U.S. Securities and Exchange Commission (SEC), Deaton made the point that unclear regulations are driving businesses and innovators out of the U.S. market.
Ensuring a Competitive Future for U.S. Crypto
Furthermore, he contended that companies had moved abroad as a result of the SEC's lack of explicit requirements. Therefore, according to Deaton, more transparent laws would greatly encourage innovation and expansion in the US cryptocurrency market.
John Deaton is adamantly opposed to a CBDC issued by the Federal Reserve and is a supporter of individual financial freedom and public accountability. In order to guarantee that the United States stays a competitive player in the global bitcoin industry, he also emphasizes the necessity of regulatory certainty.
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