John Deaton Opposes US Federal Reserve’s CBDC Plan

In an interview John Deaton, pro-crypto attorney and Republican primary winner from Massachusetts strongly voiced his opposition to a US Federal Reserve-issued central bank digital currency (CBDC). The pro-XRP lawyer who is targeting to unseat U.S. Senator Elizabeth Warren has expressed concerns over government overreach and the potential threats a federally issued CBDC poses to personal financial freedom.

🇺🇸 DISRUPTING THE STATUS QUO!

In our interview with @JohnEDeaton1, we discussed his campaign for the U.S. Senate seat in Massachusetts against Elizabeth Warren, the bipartisan nature of technology, blockchain innovation, growth versus debt, term limits, and the future of… pic.twitter.com/sIAWtBzZAU

— Generation Infinity (@GenfinityIO) September 27, 2024

“A Hill to Die On”

In his interview with Generation Infinity, Deaton argues that a government-issued CBDC would give the government too much control over how people spend their money. He is determined to fight against this. He explained,

If there’s a CBDC used by the government to reduce friction with the banking system, 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.

Bridging the Gap

Deaton brought to notice the gap between lawmakers and tech innovations. He criticized Senator Warren for backing a bill that could ban Bitcoin and self-custody of crypto in the U.S.

He said that many senators initially supported the bill without fully understanding its consequences. He then added that several have now withdrawn their support.

Deaton reiterated his commitment to clear regulations in the crypto industry which are vital for innovation and consumer protection. He cited his legal work defending XRP holders against the SEC as an example of fighting for clearer rules. Deaton remarkfully said, “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.”

Momentum from the Crypto Community

His campaign appeals to many groups, particularly younger Democrats who embrace technology. He promotes fiscal responsibility and government transparency. Deaton also supports term limits and rules to prevent regulators from quickly taking jobs in the industries they oversee. This helps avoid conflicts of interest.

Supported by endorsements from Stand With Crypto PAC Deaton’s campaign is gaining momentum as he tries to introduce accountable governance to encourage economic growth. He looks forward to debating Senator Warren on October 15th being confident it will showcase his readiness for the Senate.