Sen. Warren’s challenger scores cryptocurrency super PAC backing

by

A number of cryptocurrency supporters are contributing funds to help lawyer John Deaton challenge Massachusetts Senator Elizabeth Warren in the upcoming election, as reported by Politico.

Last year, newcomer Deaton gained recognition for advocating for Ripple (XRP) and participating in notable cryptocurrency lawsuits.

A lawyer, who established CryptoLaw, has openly expressed his opposing views towards Warren and Gary Gensler, heads of the Securities and Exchange Commission (SEC), in relation to their methods for regulating cryptocurrencies.

In the year 2021, he attempted to get involved in the SEC’s legal action against Ripple, advocating for XRP owners who felt their concerns were being overlooked. By early 2024, Deaton had relocated to Massachusetts and registered as a Republican party member with the intention of challenging Senator Warren in an election.

Although Deaton is deeply involved in the crypto world, he has consistently made it clear that he isn’t campaigning on a crypto platform. Furthermore, in his initial campaign declaration on February 20th, he failed to bring up digital assets as part of his agenda.

Initially, I dealt with bullying at the school playground, later confronted avarice in corporations and the Securities and Exchange Commission, and currently, I am challenging the powerful elite in Washington.

— John E Deaton (@JohnEDeaton1) February 20, 2024

Deaton explains that he was motivated to join politics in order to engage with Warren’s policies head-on.

Warren has been an outspoken critic of the cryptocurrency sector, pushing for more stringent rules. He supports initiatives aimed at preventing money laundering activities with digital currencies.

Her position on cryptocurrencies frequently ignites discussions among crypto enthusiasts, raising fears that her regulations might hinder future advancements.

Poll says Warren vulnerable to Deaton

Based on a Boston.com survey, around 57% of respondents expressed the belief that either Deaton or a different Republican contender had a good chance of defeating Warren in the forthcoming election this year.

Some 39% said Warren was entrenched in her position.

Major figures in the industry and critics of Warren, such as Anthony Scaramucci, the Winklevoss twins, and executives from Ripple, are actively working on raising funds to opposes her.

Brad Garlinghouse, the CEO of Ripple, has additionally backed Deaton’s campaign with notable contributions. Joining him are billionaire Mark Cuban and Perianne Boring, the founder of Chamber of Digital Commerce, who have both endorsed Deaton. This demonstrates increasing backing from crypto community heavyweights.

The CEO of Ripple, @bgarlinghouse, and its executive chair and co-founder, @chrislarsensf, each donated the maximum amount of $6,600 – splitting it between the primary and general elections – as reported by @JohnEDeaton1’s campaign. 🎉

— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) April 12, 2024

Crypto industry flexing political muscle

A large number of donations from crypto-centric political action committees highlight their determined efforts to back politicians who align with the crypto industry’s goals.

Warren’s staunch opposition to crypto has made her a prime target.

Crypto Super PACs are said to have made significant contributions to the candidates taking part in the recent Super Tuesday primaries in Texas, California, and Alabama.

Based on the information available, Fairshake, Protect Progress, and Defend American Jobs together invested over $13 million in the elections that took place on March 5th.

In the reported contests, Rep. Katie Porter, a Democratic candidate for California’s Senate seat with progressive views, was a significant focus. According to Fairshake, they invested over $10 million in efforts aimed at Californians, including a statewide advertising campaign, to discourage support for Porter because of her past criticisms against their industry.

In contrast to her reputation as a forward-thinking public figure with an approachable demeanor, Porter faced defeat in the primary election, finishing behind Republican Steve Garvey and Democratic Representative Adam Schiff.

Many people viewed the result as a significant change in the political terrain regarding candidates who support digital assets and those who don’t.

Read More

2024-04-15 04:16