Ripple Backs Deaton in Senate Race Against Warren
- John Deaton, a Marine veteran and lawyer, is gaining traction as a pro-crypto candidate aiming for Elizabeth Warren's Senate seat.
- Ripple, a prominent blockchain technology company, is backing Deaton in his campaign.
- This political race underscores the growing influence of cryptocurrency advocates in American politics.
In a strategic move to bolster its legal battles, Ripple has pledged $1 million to the Commonwealth Unity Fund, a super PAC aimed at supporting John Deaton's campaign against Massachusetts Senator Elizabeth Warren. This initiative, reported by FOX Business, is spearheaded by lawyer James Murphy, a crypto advocate, who seeks to unseat Warren, known for her critical stance on digital assets and her support for the SEC's regulatory efforts. Deaton's involvement in Ripple's ongoing legal struggle with the SEC has been pivotal, particularly following a New York court ruling that determined Ripple's XRP token is not a security when sold on public exchanges. The SEC's aggressive pursuit of Ripple, led by current chair Gary Gensler, has intensified the stakes in this political contest, as Ripple aims to align its interests with a candidate who supports the crypto industry. While super PACs cannot directly fund campaigns, they often allocate resources for media campaigns that influence voter perceptions. Despite having a significant financial reserve, Fairshake has yet to engage in the Deaton-Warren race. Murphy emphasized the need for unity in the Senate, especially in light of recent political violence, and expressed confidence that voters are ready to reject Warren's divisive policies. As Deaton's campaign faces challenges in fundraising, with a recent quarter showing lower contributions compared to Warren, Murphy aims to leverage Deaton's appeal among pro-crypto voters to galvanize support and financial backing for the Commonwealth Unity Fund.