Ripple Contributes $1 Million to Unseat Elizabeth Warren
Ripple has contributed $1 million to back XRP advocate John Deaton in his campaign against Senator Elizabeth Warren in the Massachusetts Senate race.
The funds are being channeled to the Commonwealth Unity Fund, a new super PAC created by attorney James Murphy, who contributed $50,000 on April 15 to the cause.
Ripple’s Support For XRP Advocate Deaton
In February, John Deaton officially entered the race for the GOP nomination for the U.S. Senate in Massachusetts to challenge Democrat Sen. Elizabeth Warren in November’s election. Deaton is one of several candidates competing in the Republican primary, scheduled for September 3.
SCOOP: @Ripple has donated $1M to the Commonwealth Unity Fund, a new super PAC set up by attorney James Murphy aka @MetaLawMan, to unseat @SenWarren and elect @JohnEDeaton1 as Massachusetts’ next Senator. Murphy donated $50K.
More details and story to come. pic.twitter.com/32kadpAkE1
— Eleanor Terrett (@EleanorTerrett) July 15, 2024
In April, Ripple executives Brad Garlinghouse and Chris Larsen contributed $6,600 each to John Deaton’s campaign. According to Politico, they split their donations into two parts—half for the primary and the other half for the general elections.
Alongside Ripple executives, other prominent figures in the crypto space, such as Cardano founder Charles Hoskinson, have also backed Deaton. As of April, Attorney Deaton had raised $1.26 million, with most funds coming from crypto enthusiasts.
Meanwhile, Ripple is currently engaged in a legal battle with the U.S. Securities and Exchange Commission regarding the sale of XRP, which the SEC claims is an unregistered security.
Last year in July, Judge Analisa Torres ruled that Ripple’s secondary sales of XRP through a blind bid process did not violate securities laws. However, direct sales to institutional investors were deemed securities investment contracts.
Crypto Investors Rally Behind Pro-crypto Candidates
The Massachusetts senatorial election is currently a battleground between anti- and pro-crypto forces. John Deaton, a former Marine and lawyer known for his role in the Ripple vs. SEC case, leads the pro-crypto side. His efforts helped secure a ruling that Ripple’s XRP sales are not investment contracts.
Senator Elizabeth Warren, a veteran politician, leads the anti-crypto side. She is known for her push to ban cryptocurrencies and limit their growth.
Meanwhile, crypto firms have been funding super-political action committees, investing around $150 million to support pro-crypto candidates. In May, Ripple announced a further $25 million donation to the super PAC Fairshake, supporting pro-crypto political candidates in the 2024 U.S. elections, following a similar donation in 2023. Coinbase and a16z crypto are also contributing to Fairshake this year.
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