Elizabeth Warren defeats crypto-backed challenger John Deaton in Massachusetts Senate race

Sitting US Senator Elizabeth Warren defeated Republican nominee John Deaton Tuesday night, according to the Associated Press. Warren had 81.6% of the vote as of 8:11 pm ET.

Deaton at 9 pm ET addressed the public via a livestream on X. He said he had spoken to Warren and congratulated her.

“I’m disappointed with the results,” Deaton said. “I’m a competitive guy.”

“I’m proud of my campaign and how it was run for this entire time; no lies, no name calling, just trying to focus on policy,” he added. “Although it was fun to tell the truth, look her in the face and say, ‘we know all of you suck in Congress.’”

Cryptocurrency regulation became a hot topic in the race for the Massachusetts seat. During a debate last month, Warren, a long-time adversary of pro-crypto proposals in Congress, alleged that Deaton is only interested in protecting “his crypto buddies.”

Deaton countered Warren’s characterization of the crypto industry, arguing that bitcoin and digital assets can help elevate marginalized communities. He pointed to his mother, who he said struggled to maintain minimum balances required by banks and often faced additional fees that would be avoided through blockchain transactions.

Warren eventually during the debate said she’s “fine” if people want to invest in bitcoin and other cryptocurrencies, as long as safety is the top priority. The comment comes months after Warren wrote that the US Securities and Exchange Commission was “wrong on the law” when they approved spot bitcoin ETFs at the beginning of this year.

Deaton amassed $2.1 million in campaign contributions as of the middle of October, about half of which was a personal loan from Deaton himself. Other donors include Gemini co-founders Tyler and Cameron Winklevoss, and current and former Ripple CEOs Brad Garlinghouse and Chris Larsen, each of whom donated the maximum amount allowed for individual contributors.

“Contrary to what Senator Warren said, the average donation for my campaign was $105 by regular people, hard working people,” Deaton said Tuesday night.

The Warren campaign did not immediately respond to Blockworks’ request for comment.

Updated Nov. 5, 2024 at 9:12 pm ET: Added statement from Deaton.

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