Pro-crypto attorney John Deaton is adamantly opposed to the issuance of a Central Bank Digital Currency (CBDC) by the U.S. Federal Reserve.
Federal CBDC and government control
Deaton warns that the CBDC could replace cash, giving the government the ability to track and potentially control every financial move of citizens. He also opposed Senator Elizabeth Warren for supporting the idea, asserting that her bill effectively bans Bitcoin and self-custody of crypto in the U.S. Deaton said: 'Senator Warren proposed a Federal Reserve-issued CBDC that really could replace cash.'
Crypto regulation and Deaton’s stance on the SEC
Deaton has been vocal about the need for clear crypto regulations, saying that regulatory uncertainty is driving innovation out of America. He became famous in the crypto community for his involvement in the Ripple-SEC case. Deaton filed a petition to intervene in 2021, arguing that classifying XRP as a security could harm retail investors. He estimates that the SEC’s aggressive regulation approach has cost retail investors around $15 billion.
Electoral campaign and future plans
Deaton is running for the Senate in Massachusetts and secured about 65% of the vote in the Republican primary. He also disclosed that 82% of his net worth is in Bitcoin.
Deaton firmly stands by his position to protect crypto assets and oppose the Central Bank Digital Currency, arguing that it will lead to more control and less freedom for citizens.
