John Deaton Expresses Opposition to Federal Digital Currency

by Giorgi Kostiuk

2 years ago

John Deaton, a prominent voice in the cryptocurrency space, has made his position clear in his run for the United States Senate seat in Massachusetts, emphasizing his opposition to a Federal Reserve-issued central bank digital currency (CBDC) and the necessity of regulatory clarity.

Opposition to Federal Digital Currency

In an interview with Generation Infinity, Deaton discussed his opposition to a Federal Reserve-issued central bank digital currency (CBDC), asserting that such currency could replace cash and allow the government to monitor and restrict individual spending.

If there's a CBDC that's used by the government to reduce friction [...] with the banking system or something like that, that's one thing. But a consumer-issued CBDC by the Federal Reserve? No, that's a hill I'm willing to die on to oppose.John Deaton

Accountability Concerns

Deaton also addressed government accountability and fiscal responsibility, advocating for term limits for senators and representatives. He argued that long-term incumbency leads to a lack of fresh ideas and accountability in Washington.

You shouldn't be allowed to be the SEC chairman on Friday, and on Monday, you're Apollo Group's adviser [...] there should be a three to five statutory gap from being a regulator and then going into a job in that industry.John Deaton

Call for Regulatory Clarity

In addition to his stance on CBDCs, Deaton highlighted the necessity for clear regulations in the cryptocurrency industry, criticizing the approach of the US Securities and Exchange Commission (SEC). He pointed out that the lack of regulatory clarity has caused some innovators to avoid the US market.

When I took on the SEC, on behalf of XRP holders, what I said from the very first writ of mandamus was just say that XRP itself isn't a security. That's all you've got to do, which is follow the law of 75 years.John Deaton

John Deaton clearly defined his position on key issues regarding cryptocurrency and financial policy, aiming to ensure transparent and accountable regulation for the benefit of citizens.

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