Crypto Lawyer John E. Deaton Runs for Senate in Massachusetts
John E. Deaton, a well-known attorney and fierce advocate for XRP, is running for the Senate in Massachusetts. Deaton has made a name for himself in the crypto space, particularly for his defense of Ripple in its ongoing legal battle with the Securities and Exchange Commission (SEC).
Deaton’s Crypto Holdings
Deaton’s financial ties to digital assets have become a focal point in his campaign. A recent report revealed that 80% of his net worth is tied to Bitcoin (BTC) or BTC-related investments. He also holds undisclosed amounts of other major cryptocurrencies like Ethereum (ETH), Solana (SOL), and XRP.
Ripple’s Political Influence
Ripple has been a major supporter of Deaton’s campaign, contributing significantly to his efforts. The company is interested in promoting a crypto-friendly political environment. The Commonwealth Unity Fund, a super political action committee (PAC) established by legal expert and crypto advocate James Murphy, has been instrumental in channeling support for Deaton. Ripple’s CEO Brad Garlinghouse and founder Chris Larsen have each contributed $1 million to this PAC.
Challenges for Deaton’s Campaign
Deaton faces an uphill battle in Massachusetts, which has been a stronghold for Senator Elizabeth Warren, a vocal critic of digital assets. Warren’s established position and strong fundraising efforts present significant obstacles for Deaton.
The Crypto Market and Deaton’s Prospects
Deaton’s significant holdings in Bitcoin and his advocacy for XRP position him uniquely in the political landscape. His financial stake in the success of cryptocurrencies aligns with his political platform, making him a notable candidate in the upcoming election.
Conclusion
Deaton’s candidacy marks a significant development in the intersection of politics and digital assets. The outcome of his campaign could have far-reaching implications for the future of cryptocurrency regulation in the United States.
