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

Warren had 81.6% of the vote as of 8:11 pm ET

article-image

US Senator Elizabeth Warren | Rich Koele/Shutterstock modified by Blockworks

share

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.”

Read more: Crypto gets mention on national stage during Congressional debate 

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.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (1).jpg

Research

With $13B in tokenized assets, strong institutional partnerships, and a clear first-mover advantage in the RWA space. The platform's methodical approach to regulatory compliance, coupled with its hybrid public-private architecture, positions it uniquely to capture significant market share in the emerging tokenization landscape. While current fee generation primarily stems from metadata transactions, the planned launch of Figure Markets, major exchange listings, and comprehensive market-making initiatives in 2025 could serve as powerful catalysts for growth.

article-image

Perena is built on the premise that as stablecoins proliferate, liquidity could fragment, and stablecoins aren’t useful if they aren’t liquid

article-image

From hackathons to trading tools and DAO governance, AI agents are redefining how we build and innovate

article-image

CME’s large bitcoin contracts are so big that investors are turning to micro bitcoin contracts

article-image

The third-largest stablecoin is going multichain for the first time in its seven-year history

article-image

Nano Labs’ news release notes confidence in bitcoin being “a reliable store of value amidst its rising global adoption”

article-image

Several big companies report third quarter earnings this week, likely moving markets