- July 16, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
In a big political move, John Deaton is challenging senior Massachusetts Senator Elizabeth Warren, with a $1 million gift from blockchain company Ripple. This demonstrates the seriousness of the animosity between the lawmaker and Deaton.
Ripple Launches Major Offensive
Ripple’s most recent offensive in its continuous conflict with well-known critic of the cryptocurrency industry, Senator Warren, comes in the form of donation to the Commonwealth Unity Fund super PAC. Warren has been vocal critic of digital currencies, regularly alerting readers about their possible dangers to the financial system and consumers.
SCOOP: @Ripple has donated $1M to the Commonwealth Unity Fund, a new super PAC set up by attorney James Murphy aka @MetaLawMan, to unseat @SenWarren and elect @JohnEDeaton1 as Massachusetts’ next Senator. Murphy donated $50K.
More details and story to come. pic.twitter.com/32kadpAkE1
— Eleanor Terrett (@EleanorTerrett) July 15, 2024
Former US Marine and attorney with strong links to the cryptocurrency sector, Deaton has positioned himself as a supporter of the technology. His involvement in the well-publicized legal dispute between Ripple and the Securities and Exchange Commission—which finally decided that XRP token sales did not constitute unregistered securities offerings—attracted national notice.
A Proxy Battle
The Massachusetts Senate contest has become especially important when the conflict between Deaton and Warren comes to represent a more general proxy battle between pro- and anti-crypto groups.
The industry’s readiness to commit large amounts of money to the contest highlights the seeming stakes involved as the result would have broad consequences for the direction of US cryptocurrency control going forward.
For other cryptocurrency companies including Ripple, defeating Warren comes first strategically. The senator has been a constant irritable thorn in the side of the business, passing laws meant to increase digital asset market consumer rights and monitoring.
Tough Nut To Crack?
Deaton’s triumph would not only eliminate a major enemy but also maybe open the path for Congress to adopt a more industry-friendly attitude to regulation.
Turning an established incumbent lawmaker like Warren will not be a walk in the park, so to speak. With a well-oiled political machinery, the three-term senator is a popular figure in her own state. Deaton will have to launch a clever, well-funded campaign to offset Warren’s advantages and seize the Senate seat.
The crypto world will be totally fixated on Massachusetts as the race progresses. The result might have major knock-on repercussions (no pun intended) that go well beyond the boundaries of the state, therefore changing the national debate on the control of digital assets. Stakes for both sides have never been higher.
Featured image from GQ, chart from TradingView
