The crypto community is rallying behind John Deaton’s Senate campaign with substantial financial backing from Ripple.
John Deaton’s campaign raised $418,000 in Q2, while Elizabeth Warren raised $1.4 million, highlighting fundraising disparities.
Ripple CEO Brad Garlinghouse and founder Chris Larsen each donated $6,600 to Deaton’s campaign, showing strong industry support.
The crypto community is rallying behind John Deaton in his campaign to unseat Massachusetts Senator Elizabeth Warren. According to public Federal Election Commission filings, Ripple donated $1 million to the Commonwealth Unity Fund for his campaign.
NEW: Writeup of my scoop on @Ripple’s $1M donation to a new super PAC created to support @JohnEDeaton1’s battle to unseat @SenWarren’s in Massachusetts.https://t.co/Mqgn9exTRg
— Eleanor Terrett (@EleanorTerrett) July 16, 2024
Deaton, a Marine veteran and lawyer, is well-known within the crypto community. His open defense of Ripple has earned him significant recognition. Deaton’s engagement in Ripple’s legal battle with the SEC has been helpful.
According to the ruling from a New York court, XRP, Ripple’s native cryptocurrency, is not considered a security when traded on public platforms. With the SEC cracking down on cryptocurrency regulations, the $2 trillion digital asset market views this ruling as an important step in its search for legal clarity.
Ripple CEO Brad Garlinghouse and founder Chris Larsen have shown their support by donating $6,600 each to Deaton’s campaign. Additionally, Ripple has channeled $50 million to another super PAC, Fairshake, to help elect crypto-friendly politicians to Congress.
Fundraising has proven challenging for Deaton’s campaign this quarter. In the previous period, he narrowly outraised Warren with $1.3 million over her $1.09 million. According to the new FEC filings, Deaton raised $418,000 in the second quarter, while Warren raised $1.4 million.
The crypto community’s support for John Deaton indicates their desire for representation in politics. Ripple’s financial backing indicates the industry’s determination to impact policy and regulatory decisions. As the campaign progresses, Deaton’s ability to garner support from pro-crypto voters will be essential to his ambition to unseat Elizabeth Warren.
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