Pro-XRP Advocate John E. Deaton and His Crypto Holdings
John E. Deaton, a notable crypto lawyer and recent winner of the Republican nomination for Senate in Massachusetts, has come into the spotlight as a significant crypto investor in the political arena ahead of the upcoming election. Deaton, recognized for his legal prowess and military background as a Marine veteran, has garnered attention for his steadfast support of cryptocurrencies, especially Ripple, amidst the prolonged legal battle between the blockchain payments company and US regulators over recent years.
Ripple has been entangled in a lawsuit with the US Securities and Exchange Commission (SEC) since 2020 on allegations of securities violations. Deaton has been a crucial ally in Ripple's defense, with the company making substantial contributions to support Deaton's senatorial campaign.
A revealing disclosure by Fox journalist Eleanor Terret on Wednesday brought to light that a significant 80% of Deaton's wealth is invested in Bitcoin (BTC) and BTC-related assets, along with undisclosed stakes in Ethereum (ETH), Solana (SOL), and XRP.
Ripple's Impact on Politics
Ripple's involvement in the political realm has been notable through contributions to the Commonwealth Unity Fund, a super PAC established by James Murphy, a legal expert and crypto advocate. This demonstrates the escalating influence of the cryptocurrency industry in US politics over the past year.
Ripple's backing, including generous donations of $1 million from key figures like CEO Brad Garlinghouse and founder Chris Larsen, signifies a concerted effort to bolster Deaton's candidacy and promote a more crypto-friendly political environment. This move comes at a time when the industry is facing legal challenges and heightened regulatory scrutiny, particularly in recent times.
James Murphy, also known as “MetaLawMan,” is renowned for his expertise in crypto enforcement matters. He envisions a unified approach in Congress, portraying Deaton as a candidate capable of bridging gaps in the Senate concerning crypto regulations.
However, Deaton faces significant obstacles in his campaign, particularly due to Senator Elizabeth Warren's firm grip on Massachusetts politics since 2013 and her vocal opposition to digital assets. The fundraising statistics indicate Warren's potential to surpass the Pro-XRP lawyer in contributions, underscoring the tough road ahead for the crypto-friendly candidate.
In a recent interview with Fox, Murphy emphasized the need for unity in the Senate, expressing his belief that the electorate is inclined to reject Warren's divisive policies and actions.
