Ripple Donated $1 Million to the Campaign Against Senator Elizabeth Warren
Date: 2024-07-16 Author: Gabriel Deangelo Categories: BUSINESS
Recent news has included the bombshell announcement that Ripple has made a significant contribution to the political fight against Senator Elizabeth Warren by donating $1 million to support her opponents.
Commonwealth Unity Fund PAC: Pillar of Support
A political action committee (PAC) called the Commonwealth Unity Fund was the main recipient of Ripple's generous donation. This fund was created by lawyer James Murphy, known for his support of the XRP cryptocurrency. The purpose of this committee is to promote the candidacy of lawyer John Deaton, who also actively defends the interests of XRP owners and is running for the post of senator from Massachusetts.
John Deaton, a candidate for senatorial post, has attracted the attention of the crypto community with his active actions in defense of cryptocurrency companies. In addition to the $1 million from Ripple, Deaton also received personal donations from Ripple executives Brad Garlinghouse and Chris Larsen amounting to $6,600. In April 2024, Cardano founder Charles Hoskinson added $3,300 in support. In total, by April 2024, Deaton's political campaign raised $1.26 million, much of which came from crypto enthusiasts.
John Deaton's Role in the Crypto Industry
John Deaton is no stranger to the world of cryptocurrencies. A former US Marine and lawyer, he became famous for his key role in the legal battle between Ripple and the US Securities and Exchange Commission (SEC). In 2023, the court ruled that XRP was not an investment contract when sold on the secondary market, a significant victory for the cryptocurrency company. For his efforts in defending cryptocurrency companies, Deaton was awarded the Top Advocate Award.
Senator Elizabeth Warren is known for her negative views on cryptocurrencies and her desire to limit or ban this asset class. Her position provokes strong opposition from major participants in the crypto industry. Donations to the campaign against Warren indicate significant dissatisfaction with her policies and the desire of the crypto community to support candidates more friendly to digital assets.
The active support of Ripple and other crypto industry leaders for John Deaton's candidacy underscores the importance of fighting for the legitimacy and adoption of cryptocurrencies at the legislative level. The campaign against Senator Elizabeth Warren demonstrates the crypto community's determination to protect its interests and continue to develop the industry.
