Elizabeth Warren is the most active U.S. senator in opposing the development of the crypto market in the USA, Ripple is one of the largest U.S. crypto companies.

For this reason, the company has decided to donate even a million dollars to support the candidate John Deaton who is trying to unseat Warren. 

SCOOP: @Ripple has donated $1M to the Commonwealth Unity Fund, a new super PAC set up by attorney James Murphy aka @MetaLawMan, to unseat @SenWarren and elect @JohnEDeaton1 as Massachusetts’ next Senator. Murphy donated $50K.

More details and story to come. pic.twitter.com/32kadpAkE1

— Eleanor Terrett (@EleanorTerrett) July 15, 2024

The clash Ripple – Elizabeth Warren

On November 5th in the USA, the presidential elections will be held, during which the composition of Congress will also be renewed.

In particular, with regard to one of the two seats in the Massachusetts State Senate, the democratic Elizabeth Warren will compete against the republican John Deaton. 

It should be noted that the two Senate seats in Massachusetts are almost Democratic strongholds, even though in recent years there has been at least one Republican victory. 

In fact, both in 2009 and in 2012, the first of the two seats was won by the republican Scott Brown, while in 2016 and in 2020 it was won by Warren. 

Instead, the last Republican to win the second seat was Edward Brooke III in the distant 1966. 

So with the exception of Brown between 2010 and 2013, since the 1980s of the last century all other elections for the Senate in the State of Massachusetts have been won by democratic candidates. 

Furthermore, Warren is definitely very well known, so it could be definitely difficult for Deaton to beat her. 

Elizabeth Warren

Elizabeth Warren is the senator who some time ago even tried to enlist a small army of technicians and supporters for her fight against cryptocurrencies.

It should be noted, however, that in the meantime the attitude of his party towards the crypto world seems to have changed. 

Starting from 2022, many U.S. Democrats began to lash out against the crypto sector. 

That year, two events occurred that triggered a true democratic anti-crypto wave, led by Warren.

The first was the transition of Ethereum to Proof-of-Stake, which led the SEC to start considering Ethereum as an unregistered security, and no longer a commodity like Bitcoin. 

But it was above all the second event that shook consciences, namely the failure of FTX in November. In fact, the founder and CEO, Sam Bankman-Fried, had donated millions of dollars to American politicians, mostly Democrats, drawing directly from the funds deposited by users on the crypto exchange he founded. 

The democrats reacted very badly to that event, on one hand distancing themselves from a character (SBF) whom they had praised until then, and on the other hand starting to publicly side against the crypto sector. 

It is possible that many democratic politicians have chosen to oppose only on the surface, for purely electoral purposes, while Elizabeth Warren instead seems to be a convinced supporter of the fight against cryptocurrencies. 

The change of course

Throughout the course of 2023, the SEC, governed by a chairman appointed by the Democrat Joe Biden and with the support of many Democratic politicians, has sought to hinder the crypto sector in many ways, especially with legal actions. 

The problem, for the SEC, is that the main legal actions taken against the crypto sector have turned out to be boomerangs, because the courts have often sided with the accused. 

The most striking case was that of the judge who declared the SEC’s rejection of spot Bitcoin ETFs a few years ago to be incorrect, effectively ordering the agency to approve them. In fact, in January of this year, the SEC had to give in, and they approved them. 

Even more sensational was the case in May, when many expected that the SEC would initially reject the requests for the issuance of spot Ethereum ETFs in the USA. Instead, probably due to pressure from above, they approved them on the first try. 

The most likely thing seems to be that it was not the crypto-opposing democrats who were the reason for this change of course. In fact, for example, Elizabeth Warren is trying to carry on her fight, but without achieving results. 

The course of events suggests instead that it was a strategic decision by the democratic president Joe Biden to avoid losing too much support during the current electoral campaign. 

At this point, with Warren continuing her fight against crypto, perhaps Deaton might have a better chance of taking her Senate seat, given that Warren’s anti-crypto fight might have also caused her to lose some support. 

The initiative of Ripple

An official document presented to the Federal Election Commission of the USA has revealed that the company Ripple Labs has donated one million dollars to the super PAC Commonwealth Unity Fund created by John Murphy.

Murphy is a lawyer known on X as MetaLawMan. In addition to founding the super PAC, he also donated $50,000 to the Commonwealth Unity Fund.

Murphy on X explicitly declared his support for the Republican candidate John Deaton for the Senate, calling him “a unifier”. 

For me and my family, this election is simply too important to just stand on the side lines.

We desperately need a uniter like @JohnEDeaton1 in the Senate.

Please visit https://t.co/la31OdvpYz if you are inclined to help.

Thank you. https://t.co/dt8BwOmJgp

— MetaLawMan (@MetaLawMan) July 15, 2024

In February of this year, the same Deaton wrote on his official X profile that all eyes should be on Bitcoin, given that the estimates regarding capital inflows into the new ETFs were significant. 

As Pac might say: “All on #Bitcoin” https://t.co/cuThFuFHnA

— John E Deaton (@JohnEDeaton1) February 14, 2024

Furthermore, obviously, she directly took aim at her rival, Elizabeth Warren, calling her incapable of addressing the crisis at the border that weighs on cities and communities. 

Schools are already struggling to pay their teachers. @senwarren’s failure to address the crisis at the border places the burden on towns and communities. She puts her own interests above her constituents. Parents have every right to be concerned. This is not an issue you can…

— John Deaton (@DeatonforSenate) July 12, 2024

There does not appear to be any official comment from Ripple on this initiative yet. 

Ripple and the crypto

Ripple is the company that created XRP. 

Technically XRP is, currently, a decentralized cryptocurrency, because its blockchain (XRP Ledger) is not controlled by Ripple. 

However, a good portion of the existing XRP tokens are still in Ripple’s coffers, so much so that every now and then they sell some, thus negatively impacting its market value. 

The news of the support for Deaton, however, had decidedly positive effects on its price. 

In fact, XRP in the last 24 hours has recorded a +13% which has brought weekly gains to +39%.

It should be noted, however, that the current price of $0.6 is simply in line with that of January 1st, so this rise has only reduced the losses accumulated up to June. Furthermore, the current level is in line with that of the end of November 2020, that is, before the last great bullrun began.