The post John Deaton promises fierce resistance against federal CBDC: ‘I’ll die on this hill’ appeared on BitcoinEthereumNews.com.

John Deaton is dead set against a federal central bank digital currency (CBDC) by the U.S. Federal Reserve.  The pro-crypto attorney is currently running for the Senate in Massachusetts and has vowed to oppose any move that gives the government power to control people’s spending habits. In his own words: “If there’s a CBDC that’s used by the government to reduce friction with the banking system or something like that, 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.” Federal CBDC and government control Deaton warned that the CBDC could be used to replace cash, giving the government the ability to track and potentially control every financial move of citizens. He was quick to call out Elizabeth Warren for supporting the idea. Deaton believes she would wipe out Bitcoin and other digital assets. He said: “Senator Warren introduced her bill, that’s a de facto ban on Bitcoin and self-custody of crypto in the United State. She proposed a Federal Reserve-issued CBDC that really could replace cash.” Deaton’s also taking a stand for accountability in Washington.  He has openly criticized long-term politicians and how they work, pushing for term limits for senators and representatives to bring fresh perspectives into government. He believes Washington’s lack of accountability comes from “entrenched power and revolving-door politics.” “You shouldn’t be allowed to be the SEC chairman on Friday, and on Monday, you’re Apollo Group’s adviser. There should be a three to five statutory gap from being a regulator and then going into a job in that industry.” Crypto regulation and Deaton’s beef with the SEC Deaton’s also been equally vocal about the need for clear crypto regulations. He says he’s a firm believer that regulatory uncertainty is driving innovation out of America.…

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Filed under: News - @ September 28, 2024 7:22 pm