John Deaton, a pro-XRP lawyer and crypto advocate, is running for a seat in the US Senate against Elizabeth Warren, known for her skepticism on cryptocurrencies, when US regulators are stepping up their enforcement actions and crackdowns on the crypto industry.
Notably, Deaton’s campaign has gained significant support from industry leaders, indicating a growing demand for change in crypto regulation frameworks and a shift in approach towards the industry.
Crypto Industry Backs Pro-XRP Lawyer’s Senate Campaign
According to a local report from Boston, Deaton, running as a Republican candidate, has personally loaned his campaign $1 million, showcasing his commitment to his uphill battle against Senator Warren.
Since announcing his candidacy in mid-February, Deaton has also raised $360,690 from individual contributors, leaving him with nearly $1.4 million cash on hand.
According to the Federal Election Commission, Deaton outraised Warren in the race’s first quarter, with Deaton raising a total of $1.36 million to Warren’s $1.1 million.
Notable donations have come from influential figures such as Charles Hoskinson, co-founder of Ethereum; Anthony Scaramucci, former communications director for Donald Trump and vocal crypto investor; and Cameron and Tyler Winklevoss, co-founders of Gemini exchange.
Ripple CEO Brad Garlinghouse and the company’s executive chairman and co-founder, Chris Larsen, also contributed the maximum $6,600 each, split between the primary and general election campaigns, underscoring Deaton’s support from key industry players.
However, it should be noted that Deaton faces a challenging campaign against Warren, who has a significant financial advantage with $4.4 million in her campaign war chest. This solidifies her position as the “heavy favorite” to win the Senate battle against the pro-XRP attorney in what is considered a “reliably blue state.”
High-Stakes Senate Race
A spokesperson for Warren emphasized that her campaign is powered by “small-dollar donations,” emphasizing grassroots support rather than “special interests attempting to elevate candidates.”
Nevertheless, Deaton’s challenge against Warren extends beyond a political rivalry, representing the ongoing debate surrounding the role of cryptocurrencies and their regulation in the United States.
Deaton has previously stated, “Regular people are sick and tired of different rules being applied to Washington insiders. We need real leadership in Washington, DC.”
Deaton, an ex-US Naval officer from Detroit who attended Eastern Michigan University and New England Law Boston, moved to Massachusetts from Rhode Island in late January, shortly before he announced his Senate candidacy.
While Warren’s record of service and establishment support pose significant challenges, the crypto industry’s endorsement and call for change, coupled with the growing adoption of cryptocurrencies, gives Deaton significant leverage in his campaign.
The outcome of this high-profile race will not only determine a political representative but also shape the future of cryptocurrency regulation in the United States.
As of this writing, XRP is trading at $0.59, marking a significant drop in value over the past month. The cryptocurrency has seen losses of up to 12.4% over the past 30 days.
Featured image from iStock, chart from TradingView.com