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Sen. Warren’s challenger scores cryptocurrency super PAC backing

warren-challenger-scores-super-pac-election-funds
Edited by
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Sen. Warren’s challenger scores cryptocurrency super PAC backing

Many crypto proponents are donating money to boost attorney John Deaton’s chances to unseat Massachusetts Senator Elizabeth Warren on election day, according to Politico.

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

The lawyer, who founded CryptoLaw, has been vocal about his disagreements with Warren and Gary Gensler, chair of the Securities and Exchange Commission (SEC), especially 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 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 crypto, Deaton has repeatedly stated that he is not running on crypto. He also didn’t mention digital assets in his original campaign announcement on Feb. 20 (See below).

Deaton claims his decision to enter politics stems from a desire to address Warren’s policies directly.

Warren has been a vocal opponent of the crypto industry, advocating for stricter regulations, including measures against money laundering concerning digital assets.

Her stance has often sparked debates within the crypto community, with concerns that her policies could stifle innovation.

Poll says Warren vulnerable to Deaton

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

Some 39% said Warren was entrenched in her position.

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

Ripple CEO Brad Garlinghouse has also made significant contributions to Deaton’s campaign. Furthermore, billionaire Mark Cuban and Chamber of Digital Commerce founder Perianne Boring have also endorsed Deaton, highlighting growing support from within the crypto community.

Crypto industry flexing political muscle

The influx of donations underscores a concerted effort by crypto-focused PACs, which actively support candidates aligned with the industry’s interests.

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

The crypto super PACs reportedly donated substantially to candidates participating in the last Super Tuesday primary contests across Texas, California, and Alabama.

According to the reports, Fairshake, Protect Progress, and Defend American Jobs collectively spent at least $13 million on 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 reportedly allocated more than $10 million towards initiatives such as a statewide ad campaign urging Californians not to support Porter due to her previous criticisms of the industry. 

Despite her popularity as a progressive figure known for her relatable persona, Porter lost in the primary election, trailing behind Republican Steve Garvey and fellow Democratic Rep. Adam Schiff.

The outcome was seen by many as a notable shift in the political landscape concerning digital asset-friendly candidates and their opponents.