Ripple Backs XRP Advocate John Deaton in Senate Race Against Elizabeth Warren
Ripple recently donated $1 million to support XRP advocate John Deaton in his campaign against Senator Elizabeth Warren in the Massachusetts Senate race. The funds are being directed to the Commonwealth Unity Fund, a super PAC established by attorney James Murphy, who also contributed $50,000 towards the cause.
Ripple’s Support For XRP Advocate Deaton
John Deaton officially entered the GOP nomination race for the U.S. Senate in Massachusetts in February. He aims to challenge Democrat Senator Elizabeth Warren in the upcoming election scheduled for November. Deaton is among the candidates participating in the Republican primary set for September 3.
Ripple’s Contribution to Deaton’s Campaign
- Ripple executives, Brad Garlinghouse and Chris Larsen, each contributed $6,600 to John Deaton’s campaign in April.
- Politico reports that the executives divided their donations, allocating half for the primary election and the remaining half for the general elections.
Crypto Community Support
Aside from Ripple executives, prominent figures in the crypto space like Cardano founder Charles Hoskinson have also thrown their support behind Deaton. As of April, Deaton had raised $1.26 million for his campaign, with significant contributions coming from crypto enthusiasts.
Ripple’s Legal Battle and Recent Rulings
Ripple is currently embroiled in a legal dispute with the U.S. Securities and Exchange Commission over the sale of XRP. The SEC alleges that XRP is an unregistered security.
Last year, in July, Judge Analisa Torres ruled that Ripple’s secondary sales of XRP using a blind bid process did not violate securities laws. However, the direct sales to institutional investors were considered securities investment contracts.
Crypto Enthusiasts and Political Influence
The Massachusetts senatorial election has become a battleground between anti- and pro-crypto sentiments. John Deaton, backed by the crypto community, has emerged as a leading pro-crypto candidate due to his involvement in the Ripple vs. SEC legal battle.
- Senator Elizabeth Warren, on the other hand, known for her anti-crypto stance, advocates for stringent regulations on cryptocurrencies.
Crypto Community’s Political Contributions
Crypto firms have actively supported super-political action committees, contributing around $150 million to back pro-crypto candidates. Ripple, in a show of support, announced a $25 million donation to the Fairshake super PAC, backing pro-crypto political candidates in the 2024 U.S. elections following a similar donation in the previous year.
- Other players like Coinbase and a16z crypto have also pledged support to Fairshake
Hot Take: The Influence of Crypto in Politics
In a significant move, Ripple’s substantial financial support for XRP advocate John Deaton’s campaign against Senator Elizabeth Warren highlights the increasing role of the crypto community in influencing political outcomes. As the Massachusetts Senate race heats up, the clash between anti- and pro-crypto forces underscores the evolving dynamics between digital assets and traditional politics.
By
By
By
By
