Encomium pours in as Ripple backs Deaton by donating $1 million to the Commonwealth Unity Fund to support John Deaton’s campaign in the Massachusetts Republican senatorial primary on November 5. Deaton is challenging the incumbent Democratic US Senator Elizabeth Warren, a notable cryptocurrency adversary. This substantial contribution underscores Ripple’s commitment to backing its allies within the crypto community.
John Deaton, a lawyer well-regarded among crypto enthusiasts for his vigorous defence of Ripple Labs, has centred his legal practice on representing victims of mesothelioma and asbestos-related diseases. Additionally, he operates the website CryptoLaw. Deaton has emerged as a prominent figure within the Ripple community, having led the so-called XRP Army. This group of stakeholders volunteered as third-party defendants in the Securities and Exchange Commission’s (SEC) lawsuit against Ripple. Furthermore, Deaton has filed numerous amicus curiae briefs in various high-profile SEC cases involving cryptocurrency firms.
The Commonwealth Unity Fund, established by lawyer James Murphy, has been instrumental in supporting Deaton’s campaign. According to the US Federal Election Committee, the PAC has received $1 million from Ripple Labs and an additional $50,000 from Murphy himself. Nonprofit political money tracker Open Secrets reports that the PAC has already spent $30,000 opposing Senator Warren, further intensifying the campaign dynamics.
Ripple Backs Deaton: The Stakes in Deaton’s Campaign
Despite Deaton’s close association with the cryptocurrency sector, he did not mention crypto in his campaign launch. His campaign website only indirectly references cryptocurrency through press coverage reposted there. This strategic omission suggests a careful approach to appealing to a broader electorate.
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Financial support for Deaton extends beyond Ripple. Open Secrets indicates that Deaton’s campaign has raised a total of $1.7 million. Notable figures within the crypto community have contributed, including Gemini co-founders Cameron and Tyler Winklevoss, Ripple co-founder Chris Larsen, SkyBridge Capital founder Anthony Scaramucci, Ripple CEO Brad Garlinghouse, Ripple attorney Stuart Aldertoy, Kraken co-founder Jesse Powell, Cardano founder Charles Hoskinson, and Coinbase. This impressive roster of supporters underscores Deaton’s significant standing within the crypto world.
However, the crypto community does not unanimously support Deaton. Pro-crypto super PAC Fairshake and the Sentinel Action Fund have withheld their endorsement, and Coinbase-backed Stand with Crypto has also refrained from supporting him. Additionally, pro-crypto Senator Cynthia Lummis has endorsed Ian Cain, a rival in the Republican primary. Cain, the co-founder of blockchain technology accelerator Qubic Labs, presents a competitive challenge to Deaton. Furthermore, engineer Robert Antonellis is also contending for the nomination.
The financial disparity between the candidates is notable. While Deaton has raised $1.7 million, Senator Warren has amassed $18 million for her campaign. This significant fundraising advantage, coupled with Warren’s established political influence, sets the stage for a challenging race.
Ripple Backs Deaton: The Broader Implications
Ripple’s donation and Deaton’s campaign hold significant implications for the cryptocurrency industry. Warren has been a vocal critic of cryptocurrencies, advocating for stricter regulations. Her potential unseating by a pro-crypto candidate like Deaton could mark a shift in the legislative landscape affecting digital currencies.
Deaton’s campaign, bolstered by Ripple’s support, is a pivotal development for the crypto sector. Ripple’s involvement signals a strategic effort to influence the political discourse surrounding cryptocurrencies. The backing from prominent industry figures further highlights the sector’s investment in shaping favourable regulatory environments.
In conclusion, Ripple’s $1 million donation to support John Deaton’s campaign against Senator Elizabeth Warren signifies a critical juncture for the crypto community. As the November primary approaches, the outcome of this race could have far-reaching consequences for the future of cryptocurrency regulation in the United States.
Stay in touch with the most reliable crypto news source, The BIT Journal, for more updates on how Ripple backs Deaton and other significant developments in the crypto world.
