“Challenger to Warren Gains Super PAC Funds from Cryptocurrency Backers”

Published:

According to Politico, many crypto supporters are donating to attorney John Deaton’s campaign in hopes of unseating Massachusetts Senator Elizabeth Warren in the upcoming election. Deaton, who is known for his advocacy for Ripple (XRP) and involvement in significant crypto cases, has been vocal about his disagreements with both Warren and Gary Gensler, chair of the Securities and Exchange Commission (SEC), regarding their approach to crypto regulation.

In 2021, Deaton attempted to intervene in the SEC’s lawsuit against Ripple, arguing that XRP holders’ interests were not adequately represented. Earlier this year, he moved to Massachusetts and registered as a Republican to challenge Warren. However, despite his deep involvement in the crypto industry, Deaton has stated that his campaign is not focused on crypto issues. He did not mention digital assets in his initial campaign announcement on February 20th.

Deaton has stated that his decision to enter politics is driven by a desire to confront Warren’s policies directly. Warren has been a staunch opponent of the crypto industry, advocating for stricter regulations and measures against money laundering related to digital assets. Her stance has sparked debates within the crypto community, with concerns that her policies could hamper innovation.

A recent poll from Boston.com revealed that 57% of readers believe Deaton or another Republican challenger could defeat Warren in the upcoming election. This suggests that Warren may be vulnerable to a strong opponent.

Industry figures and critics of Warren, such as Anthony Scaramucci and the Winklevoss twins, along with Ripple executives, are reportedly raising funds to support Deaton’s campaign. Ripple CEO Brad Garlinghouse has made significant contributions, and billionaire Mark Cuban and Chamber of Digital Commerce founder Perianne Boring have also endorsed Deaton, highlighting growing support from the crypto community.

This influx of donations showcases the crypto industry’s growing political influence, with PACs actively supporting candidates aligned with the industry’s interests. Warren’s strong opposition to crypto has made her a prime target for these PACs, who reportedly donated millions to candidates during the last Super Tuesday primary contests in Texas, California, and Alabama.

One notable target in these contests was Rep. Katie Porter, a progressive Democrat who previously criticized the crypto industry. Despite her popularity, Porter lost in the primary election, trailing behind both a Republican and a fellow Democratic representative. This outcome highlights a shift in the political landscape regarding digital asset-friendly candidates and their opponents.

In conclusion, the crypto community’s support for John Deaton’s campaign against Elizabeth Warren showcases the industry’s growing political influence and its desire for more crypto-friendly policies.

Related articles

Recent articles

You have not selected any currencies to display