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Cryptocurrency advocate, attorney John Deaton weighing run against Elizabeth Warren

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Cryptocurrency advocate, attorney John Deaton weighing run against Elizabeth Warren

A cryptocurrency advocate and attorney is “eyeing” a run as a Republican against U.S. Sen. Elizabeth Warren, marking the first potential major challenger the Cambridge Democrat could face this election cycle, according to a person close to the possible candidate.

John Deaton, a former U.S. Marine and lawyer for Deaton Law, is considering running against Warren, a move that would give national and local Republicans a person to take on the high profile senator. Deaton’s challenge would also give someone from the crypto industry a chance to challenge one of its main detractors.

Jim Conroy, who once managed former Gov. Charlie Baker’s gubernatorial campaign, said he is advising Deaton about the possible Senate run and confirmed the attorney is weighing his options.

“He should decide in the near future,” Conroy said.

Deaton is also ready to fund his campaign with an initial $500,000, Conroy said. Warren had nearly $4 million in her campaign war chest, according to federal election filings last updated Dec. 31, 2023.

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A spokesperson for Warren said the senator is “taking nothing for granted.”

“She has a strong record of delivering for working families and continues to fight hard for the people of Massachusetts,” the spokesperson said.

MassGOP Chair Amy Carnevale said she has met with Deaton several times, had “good conversations about Senator Warren’s vulnerability,” encouraged him to run, and looks forward to him making a final decision “in the coming days.”

“I think she’s yet to be challenged by a candidate who can really present a strong difference in terms of trying to represent people in Massachusetts who are just trying to get by and make a living and deal with things like affordability in our state,” Carnevale told the Herald. “That’s a big issue where Senator Warren is not providing leadership for people in Massachusetts.”

Warren easily beat Republican Geoff Diehl in her last re-election campaign in 2018. Diehl, who would later go on to run an unsuccessful gubernatorial bid against Gov. Maura Healey, lost with 36% of the vote compared to Warren’s 60%, according to state data.

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The Boston Globe first reported Deaton’s interest.

A Detroit-native, Deaton describes himself as someone who was born in the city’s worst neighborhood but “became a fighter, with violence becoming second nature,” the summary of his memoir titled “Food Stamp Warrior” said.

Deaton joined the Marine Corps in law school and in 1994, was commissioned as a second lieutenant. He served as a federal prosecutor and a criminal defense attorney for seven years of active duty, according to a biography on his law firm’s website.

He graduated from the New England School of Law in 1995 and Eastern Michigan University in 1989. He founded East Providence-based Deaton Law Firm in 2006, which advertises on its website help to people suffering from Mesothelioma and asbestos, and is the founder of the information site CryptoLaw.

Deaton appears to be no fan of Warren, and even expressed “regret” that he had not bought a house he had looked at in Rehoboth in 2014. In an Oct. 2023 post, he said he lived in Barrington, Rhode Island but Conroy said Deaton moved to Swansea this year.

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In a Dec. 7, 2023 social media post, Deaton questioned whether he still had time to buy a home in Massachusetts, move to the state, and run “against this government overreach hack in 2024.”

“I’m a Massachusetts lawyer and have practiced in Massachusetts for over 15 years. I live in Rhode Island, less than six miles from Seekonk, Massachusetts. I’m not suggesting I would win, but how I would love to confront her,” he wrote in the post on X, the website formerly known as Twitter.

In an April social media post, Deaton again said he wished he “would’ve bought a house in Massachusetts.”

“Outside of campaigning, these career politicians haven’t created one job.  (Warren) hasn’t taken out a home equity line of credit in order to make payroll during down times. She believes the answer to everything is government,” he wrote on X.

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Crypto mogul Do Kwon sentenced to 15 years in prison over $40B ‘epic fraud’

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Crypto mogul Do Kwon sentenced to 15 years in prison over B ‘epic fraud’

Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, was sentenced on Thursday to 15 years in prison for for what a judge called an “epic fraud.”

U.S. District Judge Paul A. Engelmayer, who handed down the sentence, sharply rebuked Kwon for repeatedly lying to everyday investors who trusted him with their life savings.

“This was a fraud on an epic, generational scale. In the history of federal prosecutions, there are few frauds that have caused as much harm as you have, Mr. Kwon,” Engelmayer said during a hearing in Manhattan federal court.

Crypto Mogul Do Kwon, shown in 2023, was sentenced in New York federal court on Thursday to 15 years in prison for fraud and conspiracy. REUTERS

Kwon, 34, who co-founded Singapore-based Terraform Labs and developed the TerraUSD and Luna currencies, previously pleaded guilty and admitted to misleading investors about a coin that was supposed to maintain a steady price during periods of crypto market volatility.

He is one of several cryptocurrency moguls to face federal charges after a slump in digital token prices in 2022 prompted the collapse of a number of companies.

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Dressed in yellow prison garb, Kwon addressed the court and apologized to his victims, including the hundreds who submitted letters to the court describing the harm they had suffered.

“All of their stories were harrowing and reminded me again of the great losses that I’ve caused. I want to tell these victims that I am sorry,” Kwon said.

Ayyildiz Attila, one of the hundreds of victims who submitted letters to the court, said he lost between $400,000 and $500,000 in the collapse.

Kwon in custody in Montenegro in 2024. AP

“My savings, my future, and the results of years of sacrifice disappeared. I struggled to keep up with payments and responsibilities, and everything I had worked forwas erased,” Attila said.

Kwon’s lawyer Sean Hecker said in an email after the sentencing that Kwon spoke from the heart, expressed genuine remorse and will continue his efforts to make amends.

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US Attorney Jay Clayton in Manhattan said in a statement following the hearing that Kwon devised elaborate schemes to inflate the value of his cryptocurrencies and fled accountability when his crimes caught up to him.

Prosecutors had asked for a sentence of at least 12 years in prison, saying the crash of Kwon’s Terra cryptocurrency caused billions of dollars in losses and triggered a cascade of crises in the crypto market.

Kwon’s lawyers had asked that he be sentenced to no more than five years so he can return to South Korea to face criminal charges.

Kwon was accused of misleading investors in 2021 about TerraUSD, a so-called stablecoin designed to maintain a value of $1. REUTERS

Prosecutors charged Kwon in January with nine criminal counts for securities fraud, wire fraud, commodities fraud and money laundering conspiracy.

Kwon was accused of misleading investors in 2021 about TerraUSD, a so-called stablecoin designed to maintain a value of $1. Prosecutors alleged that when TerraUSD slipped below its $1 peg in May 2021, Kwon told investors a computer algorithm known as “Terra Protocol” had restored the coin’s value.

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Instead, Kwon arranged for a high-frequency trading firm to secretly buy millions of dollars of the token to artificially prop up its price, according to charging documents.

Kwon pleaded guilty in August to two counts, conspiracy to defraud and wire fraud, and apologized in court for his conduct.

“I made false and misleading statements about why it regained its peg by failing to disclose a trading firm’s role in restoring that peg,” Kwon said at the time. “What I did was wrong.”

Kwon agreed in 2024 to pay $80 million as a civil fine and be banned from crypto transactions as part of a $4.55 billion settlement he and Terraform reached with the Securities and Exchange Commission.

He also faces charges in South Korea. As part of his plea deal, prosecutors will not oppose Kwon’s potential application to be transferred abroad after serving half his US sentence.

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Robinhood Sets 2026 Crypto Vision With Expanded Global Access

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Robinhood Sets 2026 Crypto Vision With Expanded Global Access
Robinhood signaled a sweeping 2026 crypto expansion, showcasing accelerating platform growth, wider U.S. and European access, and new products capped by a Layer 2 network aimed at propelling the company deeper into global tokenization and advanced digital-asset trading.
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OCC Clarifies Bank Authority for Regulated Crypto Trade Execution

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OCC Clarifies Bank Authority for Regulated Crypto Trade Execution
U.S. banks won fresh clarity as the OCC confirmed they can execute riskless principal crypto transactions, opening regulated pathways for customer trades while reinforcing safety and compliance expectations across the growing digital-asset market.
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