Ripple has recently made headlines by donating $1 million to support John Deaton’s campaign to unseat Senator Elizabeth Warren in the Massachusetts Senate race. Deaton, a strong advocate for crypto, has gained support from various stakeholders in the industry.
This donation was made to a super PAC called the Commonwealth Unity Fund, created by James Murphy, another pro-XRP lawyer. The goal of this PAC is to challenge and ultimately remove Warren from office, given her well-known skepticism towards cryptocurrencies.
John Deaton, the candidate supported by Ripple, has been vocal in his criticism of Warren and the SEC’s treatment of the crypto industry. He has been actively involved in legal cases involving Ripple and other crypto firms. Ripple’s decision to support Deaton comes as no surprise, given his background and stance on crypto-related issues.
The support for Deaton goes beyond just Ripple, as he has raised around $1.4 million from various figures in the crypto industry, including Brad Garlinghouse from Ripple, Charles Hoskinson from Cardano, and the Winklevoss twins from Gemini exchange.
The influence of the crypto industry in the political landscape is growing, as evidenced by the increasing funding towards pro-crypto candidates. A recent survey by Grayscale has shown a rising sentiment in favor of crypto among Americans, driven by economic shifts and the industry’s expansion.
In response to this trend, crypto firms like Ripple and Coinbase are investing significant amounts, around $150 million, to support candidates who align with their interests. Additionally, nonpartisan groups such as Stand With Crypto and the Bitcoin Voter Project are emerging to mobilize crypto supporters and potentially sway election results.
With the growing influence of the crypto vote, candidates are starting to pay more attention to this demographic. It is believed that the crypto vote could have a significant impact on voter turnout and election outcomes. As the election cycle progresses, it will be interesting to see how this newfound political influence plays out.