Warren challenger gets cryptocurrency super PAC funds – crypto.news

Warren challenger gets cryptocurrency super PAC funds – crypto.news

Many crypto supporters are donating money to boost attorney John Deaton’s chances of unseating Massachusetts Sen. Elizabeth Warren on Election Day, according to Politico.

Deaton, a political upstart, made a name for himself last year for his support of Ripple (XRP) and his involvement in several landmark crypto cases.

The lawyer, who founded CryptoLaw, has expressed his disagreements with Warren and Gary Gensler, chairman of the Securities and Exchange Commission (SEC), particularly regarding their approach to crypto regulation.

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

However, despite his significant involvement in cryptography, Deaton has repeatedly stated that he does not use cryptography. He also did not mention digital assets in his initial campaign announcement on February 20 (see below).

Deaton says his decision to enter politics stemmed from his desire to directly attack Warren’s policies.

Warren is a vocal opponent of the crypto industry, advocating for stricter regulations, including anti-money laundering measures regarding digital assets.

His stance has often sparked debate within the crypto community, with concerns that his policies could stifle innovation.

Poll says Warren vulnerable to Deaton

A recent Boston.com poll shows that 57 percent of readers agree that Deaton, or another Republican challenger, could beat Warren in this year’s upcoming election.

Some 39% said Warren was firmly held in her position.

Industry bigwigs and Warren critics — including Anthony Scaramucci and the Winklevoss twins, as well as Ripple executives — are reportedly determined to raise money to defeat her.

Ripple CEO Brad Garlinghouse also made a significant contribution to Deaton’s campaign. Additionally, billionaire Mark Cuban and Chamber of Digital Commerce founder Perianne Boring also backed Deaton, highlighting the growing support from the crypto community.

Crypto Industry Shows Political Strength

The influx of donations highlights a concerted effort by crypto-focused PACs, which are actively supporting candidates aligned with industry interests.

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

Crypto super PACs have reportedly made substantial donations to candidates competing in the latest Super Tuesday primary contests in Texas, California and Alabama.

According to reports, Fairshake, Protect Progress and Defend American Jobs collectively spent at least $13 million on the races held on March 5.

One notable target in those contests was Rep. Katie Porter, a progressive Democrat vying for California’s Senate seat. Fairshake has reportedly allocated more than $10 million to initiatives such as a statewide ad campaign urging Californians not to support Porter because of his past criticism of the industry.

Despite his popularity as a progressive figure known for his recognizable personality, Porter lost in the primary election, behind Republican Steve Garvey and fellow Democrat Adam Schiff.

The result was seen by many as a notable shift in the political landscape regarding pro-digital asset candidates and their opponents.

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