In addition to the PAC, Deaton has personally received financial support from major industry executives.
In a strategic move to influence the political landscape, Ripple, a leading blockchain payments infrastructure provider, has donated $1 million to support pro-crypto candidate John Deaton’s Senate campaign.
This substantial contribution is intended to help Deaton challenge and potentially unseat Senator Elizabeth Warren, a vocal critic of the crypto industry.
The pro-XRP lawyer declared his interest in running against Warren in February this year to become a member of the US Senate representing the state of Massachusetts under the Republican Party.
Ripple’s Major Contribution
According to a recent post on X, Ripple made the donation to the Commonwealth Unity Fund, a super political action committee (PAC) established by James Murphy, also known as MetaLawMan within the crypto space to unseat Warren.
Ripple has donated $1Million to John Deaton to unseat Warren!!#JohnDeatonForSenate @MetaLawMan https://t.co/Y1EpRIlMSw
— Chad Steingraber (@ChadSteingraber) July 16, 2024
The fund was specifically created to support and bring more crypto-friendly voices into the political arena. It aims to replace candidates like Senator Warren, who has been fighting against crypto and has introduced bills to level the playing field between the traditional finance industry and the emerging economy.
The PAC was officially introduced this year and has received support from various entities and popular personalities in the crypto industry who have made significant contributions to Deaton to help him outpace Warren in the senatorial race.
According to records from the Federal Election Commission (FEC), the Commonwealth Unity Fund has amassed a total of $1,050,020 in donations, with $909,405 available in cash as of June 30. The latest addition from Ripple will be crucial in supporting campaign activities and outreach efforts.
Financial Backing from Industry Executives
In addition to the PAC, Deaton has personally received financial support from major industry executives.
As of April 2024, he secured a total of $1.36 million from crypto supporters such as Ripple executives Chris Larsen and Brad Garlinghouse, and Gemini founders Cameron and Tyler Winklevoss.
Other industry executives like SkyBridge Capital founder Anthony Scaramucci, Cardano and Ethereum co-founder Charles Hoskinson, and Kraken co-founder Jesse Powell have also donated money to support Deaton’s senatorial race.
Some of Deaton’s top individual donors include Ripple’s Chris Larsen and Brad Garlinghouse, along with Anthony Scaramucci and the Winklevoss twins. Each contributed the maximum allowable amount of $6,600, which includes $3,300 for both the primary and general election campaigns.
Cardano’s Charles Hoskinson, Kraken’s Jesse Powell, and Casa wallet founder Jameson Lopp each contributed $3,300 to Deaton’s primary campaign. Ripple’s legal chief Stuart Alderoty also made a donation of the same amount.
During the first quarter (Q1) of 2024, the pro-XRP lawyer received close to $360,700 from his supporters in addition to the $1 million he loaned to his campaign, as shown in FEC records.
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