Ripple Contributes $1 Million to Unseat Elizabeth Warren

Ripple has donated $1 million to support XRP advocate John Deaton in his campaign against Senator Elizabeth Warren in the Massachusetts Senate race.

The money is being directed to the Commonwealth Unity Fund, a new political action committee created by attorney James Murphy, who donated $50,000 to the cause on April 15.

Ripple Supports XRP Deaton Defender

In February, John Dayton officially entered the race for the Republican nomination for U.S. Senate in Massachusetts to challenge Democratic Sen. Elizabeth Warren in the November election. Dayton is one of several candidates competing in the Republican primary, scheduled for September 3.

🚨Information: @ripple He donated $1 million to the Commonwealth Unity Fund, a new political action committee created by attorney James Murphy, also known as @metallomanto overthrow @ Sean Warren And elected @John E. Deaton1 As an incoming Massachusetts senator, Murphy donated $50,000.

More details and story to come. pic.twitter.com/32kadpAkE1

— Eleanor Terrett (@EleanorTerrett) July 15, 2024

In April, Ripple CEOs Brad Garlinghouse and Chris Larsen donated $6,600 each to John Deaton’s campaign. According to Politico, they donated $6,600 each to John Deaton’s campaign. Divided Split their donations in two – half for the primary and half for the general election.

Along with Ripple executives, other prominent figures in the crypto space, such as Cardano founder Charles Hoskinson, have backed Deaton. As of April, Deaton had raised $1.26 million, with most of the money coming from crypto enthusiasts.

Meanwhile, Ripple is currently in a legal battle with the US Securities and Exchange Commission regarding the sale of XRP, which the SEC claims is an unregistered security.

In July of last year, Judge Analisa Torres ruled that Ripple’s secondary sales of XRP through a blind auction did not violate securities laws. However, direct sales to institutional investors are considered securities investment contracts.

Crypto Investors Rally Behind Pro-Crypto Candidates

The Massachusetts Senate election is currently a battleground between anti-crypto and pro-crypto forces. The pro-crypto side is led by John Deaton, a former Marine and attorney known for his role in the Ripple v. SEC case. His efforts helped secure a ruling that Ripple’s XRP sales are not investment contracts.

Senator Elizabeth Warren, a veteran politician, is leading the anti-cryptocurrency side. She is known for pushing to ban cryptocurrencies and limit their growth.

Meanwhile, crypto companies have been funding super PACs, investing around $150 million to support crypto-friendly candidates. In May, Ripple announced an additional $25 million donation to super PAC Fairshake, to support crypto-friendly political candidates in the 2024 US elections, following a similar donation in 2023. Coinbase and a16z crypto are also contributing to Fairshake this year.