Bitcoin Could Help Eliminate Predatory Banks and Middlemen, Says Pro-Crypto Attorney John Deaton

Bitcoin could help eliminate the need for predatory banks and middlemen, allowing people without access to traditional banking services to participate in the financial system

Pro-crypto attorney John Deaton highlighted the potential of Bitcoin (BTC) to empower the unbanked and criticized Sen. Elizabeth Warren's crypto stance during their first Massachusetts Senate debate on Tuesday.

Deaton shared his personal experience with his mother's struggles with predatory banks, particularly check-cashing stores that charged high fees to cash welfare checks. He highlighted how Bitcoin could serve as a tool to aid individuals like his mother who faced exclusion from the traditional financial system.

"When Bitcoin came along, I thought, ‘Great, now you can cut out predatory banks and middlemen,'” Deaton stated, “and you can help unbanked people like my mom.”

The Republican candidate also expressed concern over Sen. Warren's perceived anti-crypto approach, given the significance of crypto in the current economic climate and escalating geopolitical tensions.

According to Deaton, Sen. Warren's Digital Asset Anti-Money Laundering Act — a proposed legislation that aims to impose stringent regulations on digital assets, including self-hosted wallets — shows a lack of consideration for the interests of individual investors, especially those from lower socioeconomic backgrounds.

“Her bill bans crypto self-custody in America, yet she’s allowing banks to custody Bitcoin, another example that Senator Warren’s policies do not help poor people, they do not help the working class. She favors accredited investor rules that exclude 85% of the American population,” Deaton stressed. “She, her policy, absolutely hurts poor people.”

When asked about his close ties to the crypto industry, Deaton stated that, in his efforts to ensure transparency and accountability, he had managed to upset many wealthy figures in the crypto space. He specifically mentioned exposing individuals like former SEC official Bill Hinman.

In response to Warren's claim that 90% of his campaign donations came from the crypto industry, Deaton pointed out that such support was to be expected when attempts were being made to ban the industry.

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