Ripple Backs XRP Advocate in Senate Race
Ripple has contributed $1 million to support XRP advocate John Deaton in his campaign against Senator Elizabeth Warren in the Massachusetts Senate race. This significant donation comes as the cryptocurrency industry continues to engage in political campaigns.
The funds are being directed to the Commonwealth Unity Fund, a new super PAC established by attorney James Murphy. Deaton is challenging Warren in November’s election and is one of several candidates vying for the Republican nomination in the September 3 primary.
In April, Ripple executives Brad Garlinghouse and Chris Larsen contributed $6,600 each to Deaton’s campaign. They split their donations between the primary and general elections.
Beyond Ripple executives, other prominent figures in the cryptocurrency space, such as Cardano founder Charles Hoskinson, have also shown support for Deaton. As of April, Deaton had raised $1.26 million, with a majority of the funds coming from crypto enthusiasts.
Crypto’s Political Influence
The Massachusetts senatorial election is a battleground between pro- and anti-crypto forces. Deaton, known for his role in the Ripple vs. SEC case, leads the pro-crypto side, while Senator Warren, a vocal critic of cryptocurrencies, represents the anti-crypto faction.
Crypto firms are actively involved in political campaigns, contributing millions of dollars to support pro-crypto candidates. Ripple has already donated $25 million to the Fairshake super PAC, which aims to support pro-crypto political candidates in the 2024 elections.
With the increasing political influence of the cryptocurrency industry, the outcome of elections like the Massachusetts Senate race could have a significant impact on the future of crypto regulation in the United States.
