In a recent development, Ripple has donated $1 million to the Commonwealth Unity Fund, a newly created political action committee (PAC) established by pro-XRP lawyer James Murphy. It can be noted that Ripples’ donations to PAC will have a significant impact on this coming election. It will support the efforts to unseat Senator Elizabeth Warren and promote Attorney John Deaton’s candidacy as the next senator.
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Ripple’s Ongoing Support for Deaton’s Campaign
This recent donation shows early preparation and endorsement of Deaton as the next senator. In April, Ripple executives Brad Garlinghouse and Chris Larsen each made their maximum contribution of $6,600 to Deaton’s bid, which was strategically allocated between the primary and general elections. Some other prominent figures, like Cardano founder Charles Hoskinson, supported Deaton’s candidature. By April, Deaton had raised $1.26 million, primarily from the crypto community.
The Massachusetts Senate election has become a showdown between anti-crypto and pro-crypto activists. John Deaton, the pro-crypto side’s leader, is a former US Marine and lawyer dedicated to growing the US cryptocurrency business. Deaton’s significant contribution was evident in the legal dispute between the US Securities and Exchange Commission and Ripple when Judge Torres decided that Ripple’s programmatic sales and other XRP distributions were not investment contracts.
In contrast, Senator Elizabeth Warren leads the anti-crypto camp with over a decade of political experience. She is well-known for her outspoken opposition to the cryptocurrency business and efforts to outlaw the new asset class. Her commitment to restraining the growth of the cryptocurrency sector in the United States has resulted in considerable donations to Deaton’s campaign from industry executives.
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The Massachusetts Senate race is a critical political confrontation for the future of the cryptocurrency sector. Ripple’s massive donation to the Commonwealth Unity Fund demonstrates the crypto community’s high stakes and earnest desire to influence the election outcome. As the election approaches, the endorsement of Attorney John Deaton by prominent industry insiders underscores the broader ramifications for bitcoin regulation in the United States.
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Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.