Crypto Leaders Helped John Deaton Outraise Sen Warren In Senate Bid

The race on who gets to represent Massachusetts at Capitol Hill is kicking off to a competitive start as top crypto leaders have placed their bet on pro-XRP lawyer John Deaton. This support is showcased by how Deaton has outraised cryptocurrency adversary and incumbent Senator Elizabeth Warren by $0.26 million.

John Deaton Bags Crypto Leaders’ Support

In an X post, Eleanor Terrett, a Fox Business News reporter, revealed that in the first quarter, Deaton’s total revenue figures totaled $1.36 million, surpassing Warren’s $1.1 million.

🚨NEW: According to the Federal Election Commission, @DeatonforSenate outraised @SenWarren in the first quarter with Deaton raising total revenues of $1.36M and Warren $1.1M.

According to his campaign, Deaton has received donations from prominent figures in the #crypto industry…

— Eleanor Terrett (@EleanorTerrett) April 12, 2024

The funds, according to the Federal Election Commission, were donated by prominent figures in the crypto industry including Brad Garlinghouse, Ripple CEO, Chris Larsen, Co-founder and Executive Chairman of Ripple, as well as Anthony Scaramucci, the crypto evangelist and founder of SkyBridge Capital.

Although the bid to unseat Sen Warren in deep-blue Massachusetts is a longshot, it has not stopped the crypto leaders from pouring in funds to support Deaton. Larsen pitched in a donation of $6,600 — half for the primary, half for the general election, according to Deaton’s campaign.

Other big donors include Cameron and Tyler Winklevoss, who co-founded the crypto exchange Gemini. The duo doled out $6,600 each. Two other crypto executives, Cardano founder Charles Hoskinson and Casa co-founder Jameson Lopp also supported the campaign. They both donated the primary maximum of $3,300.

Crypto Deep Pockets Versus Small Donors

This influx of support from the crypto industry might be linked to Senator Warren’s unyielding stance against crypto and Artificial Intelligence (AI). She insisted that the crypto industry must be placed under the same regulatory standards as traditional financial institutions.

Senator Warren, on her part, has been busy as the $1.1 million raised in the first quarter was from 29,622 donors. As detailed, 99 percent of those contributions come in at $100 or less. According to her campaign office, Warren has more than $4.4 million stashed in her campaign coffers.

Last month, John Deaton criticized Warren for resorting to funding from Washington elites while appealing for donations via traditional means or crypto as freedom was on the line. He emphasized that he had a strong chance of defeating the incumbent lawmaker, hence he pitched in over $500,000 of his money.

Despite the support John Deaton is receiving from the crypto leaders, political analysts maintain that the donations may not be all that he needs to unseat the seasoned Sen Warren who was a former presidential aspirant and a two-time senator.