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Home»BLOCKCHAIN NEWS»Warren’s challenger wins cryptocurrency super PAC fund
BLOCKCHAIN NEWS

Warren’s challenger wins cryptocurrency super PAC fund

By Crypto FlexsApril 14, 20243 Mins Read
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Warren’s challenger wins cryptocurrency super PAC fund
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According to Politico, many cryptocurrency supporters are donating money to boost attorney John Deaton’s chances of unseating Massachusetts Senator Elizabeth Warren on Election Day.

Deaton, a political newcomer, made a name for himself last year with his support for Ripple (XRP) and his involvement in several landmark cryptocurrency events.

The lawyer who founded CryptoLaw has been vocal about his differences with Warren and Securities and Exchange Commission (SEC) Chairman Gary Gensler, particularly over their approach to cryptocurrency regulation.

In 2021, he attempted to intervene in the SEC’s lawsuit against Ripple on behalf of XRP holders, claiming that their interests were not properly represented. In early 2024, Deaton moved to Massachusetts and registered as a Republican to run against Warren.

However, despite being heavily involved in cryptocurrencies, Deaton has repeatedly stated that he does not use cryptocurrencies. He also did not mention digital assets in his original campaign announcement on February 20 (see below).

Deaton claims that his decision to enter politics was motivated by a desire to directly address Warren’s policies.

Warren has spoken out against the cryptocurrency industry, advocating for stricter regulation, including anti-money laundering measures, regarding digital assets.

Her stance has often sparked debate within the cryptocurrency community amid concerns that her policies could stifle innovation.

Polls show Warren vulnerable to Deaton.

A recent Boston.com poll found that 57% of readers acknowledged that Deaton or another Republican challenger could beat Warren in this year’s upcoming election.

About 39% say Warren is firmly entrenched in her position.

Industry heavyweights and Warren critics, including Anthony Scaramucci, the Winklevoss twins and Ripple executives, are reportedly determined to raise funds to defeat her.

Ripple CEO Brad Garlinghouse also made significant contributions to Deaton’s campaign. Additionally, billionaire Mark Cuban and Digital Chamber of Commerce founder Perianne Boring also endorsed Deaton, highlighting the growing support he has within the cryptocurrency community.

Cryptocurrency industry exerts political power

The influx of donations highlights the collective efforts of cryptocurrency-focused PACs to actively support candidates who align with industry interests.

Warren’s steadfast opposition to cryptocurrencies has made her a prime target.

Crypto super PACs reportedly donated significant sums to candidates in last year’s Super Tuesday primary contests across Texas, California, and Alabama.

Fairshake, Protect Progress and Defend American Jobs collectively spent more than $13 million on the March 5 race, according to the report.

One notable target in the race was Rep. Katie Porter, a progressive Democrat vying for a California Senate seat. Fairshake has reportedly allocated more than $10 million to initiatives such as a statewide advertising campaign urging Californians not to support Porter due to her previous criticism of the industry.

Despite his popularity as a progressive figure known for his friendly personality, Porter was defeated in the primary by Republican Steve Garvey and fellow Democrat Adam Schiff.

Many saw the results as a notable shift in the political landscape regarding digital asset-friendly candidates and opponents.

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