Sen. Elizabeth Warren (D-Mass.) and her Republican challenger John Deaton exchanged blow for blow over the subject of cryptocurrencies in the first debate between the two Senate hopefuls on Tuesday.

What happened: Co-sponsored by the WBZ News and The Boston Globe, the two politicians with diametrically opposing views on the asset class put forward their arguments.

Warren accused Deaton of receiving the maximum funding from the big cryptocurrency lobby to win the Massachusetts seat.

“There’s one candidate on the stage who gets 90% of their funding to keep their campaign going from one industry, the crypto industry,” said Warren, who was running for a third term.

The senator claimed that Deaton wants to go to Washington only to fight for his “crypto buddies,” unlike her, who “fights for everybody.”

Deaton clapped back, saying he had upset cryptocurrency billionaires more than anyone else. 

“I exposed all this regulatory capture by former SEC Chair, by the way, appointed by Donald Trump,” the senate hopeful stated, in a reference to Jay Clayton.

The pro-cryptocurrency attorney then accused Warren of double standards, by advocating for a ban on Bitcoin’s (CRYPTO: BTC) self-custody while supporting big banks’ right to custody the asset.

In her defense, Warren stated that she was okay with people buying and trading cryptocurrencies as long as they were subjected to the same laws as other traditional market players and avoided being exploited by terrorists, drug dealers, and human traffickers. 

See Also: Mark Cuban Defends Kamala Harris’ Crypto Knowledge, Appears To Take Dig At Trump For Selling Tokens And Merchandise: ‘Unlike Your Guy, She Doesn’t Pretend’

Why It Matters: Deaton is well-recognized in the cryptocurrency community for his support of Ripple Labs in the ongoing legal tussle with the SEC, representing several individual XRP (CRYPTO: XRP) holders in the case.  

Deaton’s effort has indeed received financial support from prominent industry figures, including the Winklevoss twins, who donated $1 million in Bitcoin to the attorney. 

Additionally, Commonwealth Unity Fund, a cryptocurrency-focused super PAC, has spent nearly $1.69 million to bolster Deaton’s fight against Warren, according to OpenSecrets.

In contrast, Warren has come under fire from cryptocurrency enthusiasts over the years because of her critical stance on the industry, accusing it of facilitating illegal activities, including money laundering and terrorism.

Photos courtesy: Gage Skidmore via Flickr and John Deaton Campaign

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