- A Political Action Committee is throwing weight behind a pro-crypto candidate challenging Warren.
- US Senator Elizabeth Warren continues to oppose the crypto industry.
- The industry is intensifying its push for a pro-crypto leadership change.
Over the past few years, the cryptocurrency industry has faced criticism from political figures and traditional financial players centered around concerns about its use in illicit financial activities. One popular critic is US Senator Elizabeth Warren , who has been vocal about her dislike for the asset class in the argument that it is used by criminals to bypass the law.
Warren’s strong advocacy against the asset class has positioned her as a major opponent of industry growth, prompting efforts to facilitate a change in leadership.
“Anti-Warren” Crypto Campaign
According to recent documents , the crypto-focused Political Action Committee, Commonwealth Unity Fund Super PAC, is rallying behind Republican John Deaton’s candidacy for the US Senate, donating hundreds of thousands to support his ongoing campaign.
Sponsored
The PAC’s efforts aim to replace Elizabeth Warren, the long-seated anti-crypto senator, with John E. Deaton, a former marine turned crypto-friendly lawyer who has backed the industry in advocacy against hostile regulations.
Source: OpenSecrets
Commonwealth Unity Fund Super PAC’s records show that the committee has sponsored Deaton’s campaign with approximately $1.26 million and $30,000 against Warren.
Sponsored
The PAC has also received support from major crypto industry giants, who have endorsed the election, hopeful to facilitate the same cause.
Ripple Joins Support for Crypto-Lawyer John Deaton
Earlier in July, Ripple Labs donated a hefty $1 million to Commonwealth Unity Fund to support John Deaton’s campaign.
The support was not isolated, building on Deaton’s reputation as a pro-XRP advocate and as the attorney representing XRP holders in the recently concluded legal battle involving Ripple and the U.S. Securities and Exchange Commission (SEC).
Deaton has also frequently voiced concerns against Senator Warren and SEC Chair Gary Gensler, condemning their “anti-crypto” agenda and stifling approach to the asset class.
On the Flipside
- In February 2024, Senator Elizabeth Warren faced criticism from the Blockchain Association for a crypto bill threatening industry growth.
- John Deaton has advocated for many crypto projects besides XRP, such as Ethereum and LBRY .
Why This Matters
The Commonwealth Unity Fund Super PAC and other industry giants’ backing of John Deaton underscores their dedication to driving a shift in the current hostile regulatory standards by replacing current critics with more supportive figures.
Read this article for more about Senator Warren’s perception of the crypto industry:
Senator Warren Labels Crypto a Threat to the United States
The upcoming US presidential elections are also at the center of industry chatter more; read this article for more:
Polymarket Bets Favor Kamala Harris as Trump’s Crypto Star Dims
