Senator Elizabeth Warren has raised concerns about potential attacks on her and Representative Katie Porter’s 2024 campaigns, suggesting that they could be funded by “corporate money” tied to cryptocurrency supporters. In an interview with Jon Favreau, former speechwriter for President Barack Obama, on the podcast “Pod Save America,” Favreau questioned Senator Warren about John Deaton, a “Republican crypto enthusiast” who is considering challenging her for her Senate seat in the 2024 election.
Senator Warren, who has been vocal about her skepticism towards digital assets and their association with illicit activities, suggested that “corporatists” could be willing to spend any amount of money to support challengers to her and Representative Porter. Favreau pointed out that Senator Warren’s push to regulate crypto could attract a flood of money from crypto Super PACs, similar to the one attacking Porter in California’s Senate race. He was likely referring to Fairshake, a SuperPAC supported by crypto firms like Ripple and Coinbase, which released an ad in February accusing Porter of accepting campaign contributions from major pharmaceutical, oil, and banking executives.
However, the ad was deemed “mostly false” by Andrew Sheeler of the Sacramento Bee for misrepresenting the companies that had donated to Porter’s campaign as significant players in those industries. Representative Porter herself criticized the ad, stating that “corporate special interests are spending millions to distort my record.”
Both Senator Warren and Representative Porter emphasized that their campaigns did not accept corporate PAC money and relied on small donations for their Senate races. Senator Warren defended her push for the Digital Asset Anti-Money Laundering Act (DAAML), refuting the claim that crypto is too complex to regulate. She argued that there are gaps in the current system when it comes to crypto, making it a haven for drug traffickers, human traffickers, rogue nations, and terrorists. Senator Warren also highlighted that some crypto supporters have significant financial resources and employ lobbying efforts against DAAML.
The 2024 election day for U.S. candidates will be on November 5, with control of the House of Representatives, Senate, and Presidency up for grabs by either Republicans or Democrats. Cointelegraph reached out to Fairshake for comment but did not receive a response at the time of publication.
The proposed crypto regulations in the U.S. are driven by lawmakers’ fears and doubts surrounding the industry.