Will Elizabeth Warren’s Win Put the Crypto Market on Edge?

• Democratic candidate Elizabeth Warren wins Massachusetts senate seat for the third time.
• Warren defeated crypto advocate John Deaton by 74%, whereas the latter exhibited 26%. 
• A crypto critic, Warren’s win could induce strict rules for the cryptocurrency community.

Winning an election is great, but getting a hat-trick is phenomenal, and that is what Elizabeth Warren has accomplished. The Democratic candidate had won the Massachusetts senate seat for the third time. Warren defeated pro-crypto lawyer John Deaton, securing 74%, while the latter secured only 26%.

Although the State is excited over the victory, the cryptocurrency community is waiting for Warren’s next move. Warren has often criticized the industry and has brought in several regulations to crypto trading. Further, Warren is a member of the Senate Finance Committee and the Senate Banking Committee. 

Last year, Warren faced criticism for introducing the Digital Asset Anti-Money Laundering Act. If the bill is passed, it would expand the Bank Secrecy Act requirements. It includes expanding know-your-customer (KYC) rules to wallet providers, validators, and even miners. 

The bill allows financial institutions to keep a record of all transactions. Further, it permits them to report suspicious transfers to financial regulators. This prevents money laundering activities and terrorist financing activities. 

She further reiterated that crypto users are at liberty to buy and sell digital assets. However, they need to follow the same rules and guidelines as banks and stockholders. She said,

The crypto industry should follow common-sense rules like banks, brokers, and Western Union, and this legislation would ensure the same standards apply across similar financial transactions

In her victory speech, Warren revisited her accomplishments in her first two terms. This included running campaigns without PAC donations, increased scrutiny on Wall Street, and relieving student debt loans. 

Warren stated that these accomplishments are living proof that the government is working for the welfare of its people. Notably, this win would strengthen the Democratic Party’s position in the State, as it marks their 12th year of holding two seats in the U.S. Senate.

On the other hand, the crypto community expected the crypto advocate John Deaton to win the election. Deaton had gained support from eminent crypto personalities, including Ripple CEO Brad Garlington and the Winklevoss twins. Further, a large amount of donations were contributed to the Commonwealth Unity Fund, a PAC, set up to support Deaton.

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