John Deaton’s crypto backers help outraise Warren in Senate race

Lawyer John Deaton, an advocate for cryptocurrencies, raised more funds than Senator Elizabeth Warren during the first quarter of this year for her Senate seat campaign. He gathered a total of $1.36 million in donations, exceeding Warren’s $1.09 million.

The top donors to Deaton’s cause are a notable group of crypto industry leaders. Among them are Chris Larsen and Brad Garlinghouse of Ripple, the Winklevoss brothers who founded Gemini, Anthony Scaramucci, the head of SkyBridge Capital, and co-founders Charles Hoskinson of Cardano and Ethereum, as well as Jesse Powell of Kraken.

According to FEC preliminary filings, Deaton received approximately $360,700 in donations from his supporters during Q1 2024, along with a personal loan of $1 million that he contributed to his campaign.

John Deaton’s crypto backers help outraise Warren in Senate race

In comparison, Warren reported raising just under $1.09 million — all of it from donors alone.

Deaton gained notice for advocating on behalf of XRP (XRP) owners during the SEC’s lawsuits against Ripple.

In February, he declared his intention to challenge Warren for the Massachusetts Senate seat as a Republican candidate, going up against the 11-year-long Democratic Party holder.

Warren has been vocal for a long time about her opposition to cryptocurrencies and has proposed legislation that she describes as efforts to “even out the competition” between crypto and conventional financial markets. However, critics argue that these measures could potentially stifle innovation and discourage investment in the US.

Larsen and Garlinghouse from Ripple, Scaramucci, and the Winklevoss brothers were among Deaton’s top individual donors.

Each person contributed the maximum amount allowed, which was $3,300 for the primary election and another $3,300 for the general election, totaling $6,600.

Three notable figures in the cryptocurrency world – Cardano‘s Charles Hoskinson, Kraken’s Jesse Powell, and Casa wallet founder Jameson Lopp – each contributed $3,300 to Deaton’s primary campaign fund. Similarly, Ripple’s legal head, Stuart Alderoty, made a similar donation.

In November, elections for 34 out of the 100 Senate seats in the United States will take place. Additionally, all 435 House seats and the presidency are being contested. It’s expected that former President Donald Trump and current President Joe Biden will once again be opponents in the presidential race.

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2024-04-15 04:38