John Deaton, a well-known figure in the crypto world and now a Senate candidate for Massachusetts, has drawn a hard line against the idea of a U.S. Federal Reserve-issued Central Bank Digital Currency (CBDC). Speaking with Generation Infinity, Deaton fiercely opposed the concept, warning it could lead to government overreach and jeopardize individual financial freedoms.
Deaton made it clear: “If it’s a CBDC that smooths the banking system, fine. But a consumer CBDC issued by the Federal Reserve? That’s a hill I’m willing to die on.”
He emphasized that such a currency could replace cash and give the government unprecedented control over how citizens spend their money. Deaton also called out Senator Elizabeth Warren, claiming her support for a CBDC would amount to a de facto ban on Bitcoin and self-custody of crypto assets.
Beyond his anti-CBDC stance, Deaton expressed concerns about the lack of government accountability and pushed for term limits for senators and representatives. He criticized the revolving door between regulators and the private sector, calling for a mandatory gap between public service and private industry jobs.
On the regulatory front, Deaton demanded clearer rules for crypto, referencing his legal battle with the SEC on behalf of XRP holders. He argued that the absence of regulatory clarity has driven innovation out of the U.S., with many entrepreneurs excluding the American market.
Deaton’s campaign is centered around protecting crypto and ensuring that government overreach doesn’t crush financial innovation in the U.S.