John Deaton Challenges Federal CBDC in Senate Campaign
- John Deaton opposes a US Fed-issued CBDC, citing risks of replacing cash and increased government control over finances.
- Deaton advocates for clear crypto regulations, emphasizing that current uncertainty is driving innovators away from the US market.
- Proposing a 3-5 year gap between regulatory roles and private sector jobs, Deaton aims to enhance accountability in government positions.
US lawyer John Deaton, who has been actively engaged in cryptocurrency , has stated his objection to the US Federal Reserve CBDC during his bid for a Massachusetts Senate seat. In a recent interview with Generation Infinity, Deaton expressed his apprehensions regarding government intervention and the possibility of CBDC eradicating cash transactions. He raised concerns over the implementation of such a system. He stressed the privacy violation aspect and the centralization of power in the hands of the government in individuals’ financial transactions.
Deaton pointed to Senator Elizabeth Warren’s legislative efforts, who has been a vocal proponent of a Federal Reserve -issued CBDC. Deaton also states that Warren’s proposal may entail severe limitations to using decentralized digital currencies, including Bitcoin. He also opposed the idea of any plan that would let the Federal Reserve issue a CBDC for use by the general public, to which he said he would actively campaign against any measure that seeks to allow the issuance of CBDCs.
Deaton’s Regulatory Positions in Cryptocurrency Sector
In addition to his stance on CBDCs, Deaton highlighted the need for greater regulatory clarity within the cryptocurrency sector. His legal battles, particularly representing XRP holders against the U.S. Securities and Exchange Commission (SEC), underscore his push for clear definitions and guidelines confirming whether digital assets like XRP are considered securities. Deaton argued that the current regulatory uncertainty has deterred many innovators and companies from entering or continuing their operations in the U.S. market.
Moreover, Deaton advocated for stringent term limits for U.S. senators and representatives to ensure accountability and prevent entrenchment in power. He criticized the common practice among former regulators transitioning into high-profile roles within the industries they once oversaw. Deaton proposed a statutory waiting period of three to five years to prevent conflicts of interest and preserve the integrity of regulatory positions.
Read CRYPTONEWSLAND on google newsDeaton’s Campaign on Cryptocurrency
Deaton’s campaign touches on critical issues affecting the cryptocurrency industry, particularly the implications of potential federal regulations that could shape the digital finance landscape. The debate over a Federal CBDC and its ramifications highlights the broader struggle between innovation in the financial sector and traditional regulatory frameworks.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Best Meme Coins to Join This Week: BTFD Coin Slashes Prices with BIG50 While Popcat and Non-Playable Coin Maintain Buzz
Ethereum Classic’s Path to $127.65: Could a 381% Upside Be on the Horizon?
LINK Drops 26% After ‘Trump Pump’ Fizzles – What’s Coming Next?
Discover the 6 Top Cryptos with 100x Growth Potential in 2025