Super PAC Spends $70K on Cryptocurrency Campaign in Senate Race, Ahead of Primaries
Date: 2024-09-03 Author: Henry Casey Categories: IN WORLD
On Sept. 3, Massachusetts voters will decide which political party candidates will run in the November general election, which could have a significant impact on the cryptocurrency industry.
In Massachusetts’ 2024 U.S. Senate race, three candidates from different parties have expressed strong pro- or anti-cryptocurrency views, drawing financial support from the industry and criticism from others. According to polls conducted in May, incumbent Democrat Elizabeth Warren still had a clear lead over all potential Republican candidates, one of whom is likely to challenge her in November.
John Deaton
A lawyer who has written numerous amicus briefs defending crypto companies facing lawsuits from the U.S. Securities and Exchange Commission (SEC), John Deaton is backed by many prominent figures in the digital asset industry. Among them are Ripple, which donated $1 million to a political action committee (PAC) supporting Deaton’s campaign, Gemini co-founders Cameron and Tyler Winklevoss, Kraken co-founder Jesse Powell, and Cardano founder Charles Hoskinson.
Federal Election Commission (FEC) filings show that Deaton has raised roughly $1.8 million from donors as of Aug. 14. However, that figure does not include PAC spending from groups like the Commonwealth Unity Fund, which has raised more than $2.5 million to support the Republican’s campaign.
On August 29, Commonwealth reported spending about $70,000 on direct mail and digital ads for Deaton’s Senate campaign — likely some of the PAC’s last expenses before the September 3 primary. In total, the PAC, which is funded by crypto industry figures and companies, has spent more than $1.3 million supporting Deaton.
Ian Kaine
Deaton isn’t the only Republican senatorial contender. Ian Kaine, the co-founder of Qubic Labs, has made numerous statements on his personal X account suggesting that he supports cryptocurrency and blockchain technology.
While FEC records show the Republican candidate has raised only $390,000 for his campaign as of August 14, he has the backing of Wyoming Sen. Cynthia Lummis, one of the more outspoken pro-crypto voices in Congress. It’s unclear why the Wyoming senator endorsed Kaine over Deaton.
“From the border to the blockchain, Ian Kane understands the challenges facing his community and will fight for the Commonwealth every day,” said Sen. Lummis.
Elizabeth Warren
Elizabeth Warren, who has served as a U.S. senator since 2013, faces no Democratic challengers on Sept. 3 and polls show her leading the field in November. There are other candidates, including Republican engineer Robert Antonellis, but they all appear to be lagging in voter support and fundraising.
Warren has raised more than $18 million for her Aug. 14 reelection campaign, according to FEC records. At press time, there are less than 24 hours until polls open in the Massachusetts primary and 64 days until the general election.
During her term in the Massachusetts Senate, Warren has been vocal in her criticism of cryptocurrency for any association with illegal activity, including money laundering and drug trafficking. She introduced the Digital Asset Anti-Money Laundering Act, a bill “to require the Financial Crime Enforcement Agency to issue guidance on digital assets,” but support for the legislation appeared to waver in Congress as cryptocurrencies become an increasingly hot-button issue in the election year.
Other Democratic lawmakers, including Senate Majority Leader Chuck Schumer, have vowed to vote for bills that promote innovation in the digital asset industry. The move comes as many Democrats try to deflect public perceptions of the party as “anti-crypto,” in contrast to some Republicans like Donald Trump.
