Many supporters of cryptocurrency are contributing funds to bolster attorney John Deaton’s campaign to challenge Massachusetts Senator Elizabeth Warren in the upcoming election, as reported by Politico.
Deaton, an emerging figure in politics, gained recognition last year for his advocacy for Ripple (XRP) and his involvement in several significant crypto-related legal battles.
The founder of CryptoLaw, Deaton has been vocal about his disagreements with both Warren and Gary Gensler, the chair of the Securities and Exchange Commission (SEC), particularly regarding their strategies on crypto regulation.
In 2021, he endeavored to intervene in the SEC’s lawsuit against Ripple on behalf of XRP holders, contending that their interests were not adequately represented. In early 2024, Deaton relocated to Massachusetts and officially registered as a Republican to challenge Warren.
Despite his substantial engagement in the crypto sphere, Deaton has consistently emphasized that his campaign is not solely centered on crypto-related issues. Notably, digital assets were not mentioned in his initial campaign announcement on Feb. 20 (See below).
Deaton asserts that his motivation to enter the political arena stems from a desire to directly address Warren’s policy positions.
Warren has been a prominent critic of the crypto sector, advocating for stringent regulations, especially concerning anti-money laundering measures related to digital assets. Her viewpoints have frequently ignited discussions within the crypto community, with apprehensions that her policies might impede innovation.
Survey Indicates Vulnerability of Warren to Deaton
A recent poll conducted by Boston.com revealed that 57% of respondents believed that Deaton or another Republican contender could potentially defeat Warren in the upcoming election. Conversely, 39% expressed the view that Warren’s position was secure.
Prominent figures in the industry and critics of Warren, such as Anthony Scaramucci, the Winklevoss twins, and executives at Ripple, are reportedly committed to raising funds to challenge her. Ripple CEO Brad Garlinghouse has notably made substantial contributions to Deaton’s campaign. Additionally, billionaire Mark Cuban and Perianne Boring, the founder of the Chamber of Digital Commerce, have endorsed Deaton, indicating a growing wave of support from within the crypto community.
Crypto Sector Demonstrating Political Influence
The surge in donations underscores a coordinated initiative by crypto-focused Political Action Committees (PACs) that actively endorse candidates aligned with the sector’s interests. Warren’s firm opposition to crypto has positioned her as a primary target for these efforts.
Reportedly, crypto-centric PACs made significant donations to candidates participating in the recent Super Tuesday primary contests in states like Texas, California, and Alabama. Sources suggest that Fairshake, Protect Progress, and Defend American Jobs collectively allocated at least $13 million for races held on March 5.
One notable focus of these contests was Rep. Katie Porter, a progressive Democrat competing for California’s Senate seat. Fairshake reportedly directed over $10 million towards initiatives like a statewide advertising campaign urging Californians not to support Porter due to her prior criticisms of the industry.
Despite Porter’s popularity as a progressive figure known for her relatable persona, she faced defeat in the primary election, trailing behind Republican Steve Garvey and fellow Democratic Rep. Adam Schiff. This outcome signified a significant shift in the political landscape concerning candidates’ stances on digital assets and their challengers.
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