Ripple’s Support for XRP Advocate John Deaton
Ripple’s Support for XRP Advocate Deaton
Ripple has recently made a significant contribution of $1 million to support XRP advocate John Deaton in his campaign against Senator Elizabeth Warren in the Massachusetts Senate race. The funds are being directed to the Commonwealth Unity Fund, a super PAC established by attorney James Murphy, who also donated $50,000 to the cause.
John Deaton’s Senate Campaign
In February, John Deaton officially announced his candidacy for the GOP nomination for the U.S. Senate in Massachusetts. He aims to challenge Democrat Sen. Elizabeth Warren in the upcoming election scheduled for November. Deaton is one of several candidates vying for the Republican primary, which is set to take place on September 3.
Stay tuned for more updates and details on this developing story!
Ripple Executives Support Pro-Crypto Candidate
Ripple executives Brad Garlinghouse and Chris Larsen have each contributed $6,600 to the campaign of John Deaton. Their donations were split between the primary and general elections, according to Politico.
Crypto Community Backs Deaton
In addition to Ripple executives, other prominent figures in the crypto space, including Cardano founder Charles Hoskinson, have also shown support for Deaton. By April, Attorney Deaton had raised $1.26 million, with a majority of the funds coming from crypto enthusiasts.
Ripple’s Legal Battle
Ripple is currently in a legal dispute with the U.S. Securities and Exchange Commission over the sale of XRP, which the SEC alleges is an unregistered security. Last year, Judge Analisa Torres ruled that Ripple’s secondary sales of XRP did not violate securities laws, but direct sales to institutional investors were considered securities investment contracts.
Crypto Investors Unite
The Massachusetts senatorial election has garnered support from crypto investors who are rallying behind pro-crypto candidates like John Deaton. This influx of support from the crypto community highlights the growing influence of digital asset advocates in political campaigns.
The Battle Over Cryptocurrency Regulation
In the world of cryptocurrency, there is a fierce battle brewing between those who support its growth and those who want to see it banned. Leading the charge for the pro-crypto side is John Deaton, a former Marine and lawyer who played a key role in the Ripple vs. SEC case. Thanks to his efforts, Ripple’s XRP sales have been deemed not to be investment contracts.
On the other side of the debate is Senator Elizabeth Warren, a seasoned politician who is pushing for the prohibition of cryptocurrencies and restrictions on their expansion.
Political Influence and Funding
As the fight intensifies, crypto companies are stepping up their efforts to support candidates who align with their views. Super-political action committees have received around $150 million in funding from these firms, with Ripple alone contributing $25 million to the pro-crypto super PAC Fairshake for the 2024 U.S. elections. Other major players like Coinbase and a16z crypto are also getting involved in supporting pro-crypto candidates through Fairshake.
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