Is Senator Warren Bluffing About John Deaton Taking 90% Crypto Donations?
Highlights
- Investigative reporting by Eleanor Terret indicates that only about 10% of Deaton’s individual donations originate from crypto.
- Deaton’s campaign raised $2 million, half of which came from his personal loan.
- Despite Warren's criticisms, Deaton has secured backing from prominent industry figures like Ripple’s Brad Garlinghouse.
The Massachusetts Senate seat turns out to be of prime importance as XRP lawyer John Deaton takes on the anti-crypto Senator Elizabeth Warren in the upcoming US elections. Senator Warren has recently claimed that Deaton’s 90% of campaign funding comes from crypto donations. However, market experts threw some light exposing the lies behind Warren’s claims.
Is Senator Warren Bluffing on Crypto Donations
As per the latest report, cryptocurrency donations in US elections have topped over $190 million. This happened as cryptocurrencies took center stage in the battle between Kamala Harris and Donald Trump.
In her debate earlier this month, Senator Warren continued to stress that Deaton’s campaign is “90% funded by the crypto industry”. Fox Business journalist Eleanor Terret did some digging to find the truth behind these claims.
Terret has reported that John Deaton’s political campaign has raised a total of $2 million. Of these, $1 million comes from a personal loan Deaton made to himself. This leaves around $1 million in contributions from individual donors.
Now, as per the FEC filings, under $100,000 of these individual donations come from the crypto industry. This shows that only 10% of Deaton’s outside funding comes in the form of crypto donations.
Eleanor Terret added that even if we include the funds raised by the Commonwealth Unity Fund, a super PAC that has collected an additional $2.5 million, the crypto industry’s share of contributing to John Deaton’s political campaign surges to 60%, which is still short of 90% claimed by Senator Warren.
This is not the first time that anti-crypto Elizabeth Warren has been caught lying. Earlier this week, Elon Musk along with Attorney Deaton snubbed Warren over her inflation claims.
John Deaton’s Support to the Crypto Industry
In the SEC vs Ripple lawsuit spanning over the last four years, John Deaton has been actively assisting the Ripple camp to sail through the regulatory hurdles.
Despite the recent criticism from Senator Warren, XRP lawyer Deaton said that he would continue to support the XRP community ahead. Over the last four years, John Deaton provided pro bono legal services to approximately 75,000 token holders, including 627 Massachusetts residents.
“Whether she remains a U.S. Senator or returns to private citizenship, I intend to continue representing these token holders in this ridiculous appeal made by the SEC,” Deaton stated. He also emphasized the importance of advocating for token holders, adding that ‘America must be a leader when it comes to innovation.’
Amid his pro-crypto stand, top crypto industry leaders like Ripple CEO Brad Garlinhouse and Coinbase’s Brian Armstrong have extended their support to the Republican nominee in the upcoming elections.
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