Crypto Backers Propel John Deaton’s Fundraising Above Warren in Senate Race

Pro-crypto lawyer, John Deaton, has surpassed Senator Elizabeth Warren in fundraising for the first quarter of this year in his bid to take her Senate position. Deaton managed to raise $1.36 million, while Warren gathered $1.09 million. Notably, many influential figures in the crypto industry have generously supported Deaton’s campaign, including Ripple executives Chris Larsen and Brad Garlinghouse, Gemini founders Cameron and Tyler Winklevoss, SkyBridge Capital founder Anthony Scaramucci, Cardano and Ethereum co-founder Charles Hoskinson, and Kraken co-founder Jesse Powell.

Preliminary filings to the United States Federal Election Commission (FEC) show that Deaton received a total of $360,700 from his contributors for the first quarter of 2024, in addition to the $1 million he personally loaned to his campaign. In contrast, Warren’s entire funding came solely from donors, amounting to just under $1.09 million. Deaton gained attention when he defended XRP holders’ interests during the Securities and Exchange Commission’s legal battle against Ripple. In February, he announced his candidacy for Warren’s Senate position as a Republican, challenging the incumbent Democrat who has held the seat for 11 years.

Warren has been a vocal opponent of cryptocurrencies and has introduced bills aimed at “leveling the playing field” between digital assets and traditional financial markets. Critics argue that these bills would stifle innovation and discourage investment in the United States. Among Deaton’s most significant individual contributors were Ripple’s Larsen and Garlinghouse, Scaramucci, and the Winklevoss twins. Each of them made the maximum allowable donation of $6,600, split equally between the primary and general election campaigns. Cardano’s Hoskinson, Kraken’s Powell, and Casa wallet founder Jameson Lopp also contributed $3,300 each to Deaton’s primary campaign challenge, as did Ripple’s legal chief Stuart Alderoty.

The U.S. Senate elections are scheduled for November 5th, with 34 of the 100 seats up for contestation, along with all 435 seats in the House of Representatives. This will coincide with the presidential election, and it is anticipated that former President Donald Trump will once again face off against President Joe Biden.

One thought on “Crypto Backers Propel John Deaton’s Fundraising Above Warren in Senate Race

  1. This is just another example of money corrupting politics. It’s disheartening to see.

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