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By Mattia Mezzetti profile image Mattia Mezzetti
3 min read

Cryptocurrencies And Politics: John Deaton's Campaign Financing Runs Spent

In November, in the state of Massachusetts, John Deaton and Elizabeth Warren will face off. The battle for the senator's seat has profound significance within the cryptocurrency world.

The next US election could mark a new political era. Among the positions that will be renewed is that of Senator for the State of Massachusetts. This battle is of great interest to supporters of cryptocurrencies because it pits John Deaton and Elizabeth Warren against each other.

The two names will perhaps say little to the reader, so let's give a little context. Warren is the Democratic nominee, best known as a former participant in the 2020 Dem primaries and an outgoing senator. Deaton, on the other hand, is a Republican and announced his candidacy last February. In addition, he is a sympathiser of the world of cryptocurrencies.

Elizabeth Warren's Position on Cryptocurrencies

The fact that John Deaton looks favourably on the cryptocurrency market would mean little if he were not the challenger of Warren, a politician openly outspoken against decentralised finance. According to the senator, the crypto sector is untransparent and untrustworthy. Warren is the first signatory of several bills under consideration in Congress that aim, in the senator's words, to level the playing field between DeFi and traditional finance.

Warren has made several enemies as a result of her statements, and not only among cryptocurrency enthusiasts. Numerous political analysts, who have very little to do with decentralised finance, have in fact emphasised the possible risks underlying the senator's intentions. Making it more difficult to invest in assets of this kind could in fact lead many investors away from the US, perhaps towards Asia. As we have already told you on SpazioCrypto, in fact, in those latitudes they wish to open up to decentralised finance and will soonauthorise trading in Bitcoin-based ETFs at the Hong Kong Stock Exchange.

John Deaton's Financiers

John Deaton is taking advantage of this position of his opponent. The Republican candidate has received donations from Chris Larsen and Brad Garlinghouse, the two faces of Ripple; from twins Cameron and Tyler Winklevoss, owners of vast capital in Bitcoin as well as founders of Gemini; and from Anthony Scaramucci, founder of the SkyBridge hedge fund. Each of these players has already made a donation of between $3,300 and $6,600 to Deaton's campaign.

The same decision has been made by Stuart Alderoty, Ripple's chief legal officer; Jameson Lopp, creator of Casa Wallet; Charles Hoskinson, founder of Cardano; and Jesse Powell, CEO of the Kraken exchange. In short, behind John Deaton is the elite of cryptocurrency entrepreneurs, and he is obviously delighted.

How could he not be? After all, Warren has so far only raised $1.09 million for his campaign, all from donors, while Deaton is already at $1.36 million.

John Deaton, Defender of Traders

John Deaton has the advantage of being, as they say, in the right place at the right time. Not only does his opponent have a weakness that can be easily exploited, but the candidate also has the chops to throw salt by the handful on Elizabeth Warren's wounds. It is no coincidence that he has made headlines in the States for defending the interests of XRP holders in the legal battle of the SEC (Securities and Exchange Commission, the US body that oversees financial assets) against Ripple.

Substantially then, the battle for Massachusetts can be read as a political clash between pro-cryptocurrency exponents or, rather, those who have nothing against the expansion of DeFi, and defenders of traditional finance, who do not see eye to eye with the cryptocurrency world and its spread, at least in its current state of affairs.

Appointment to 5 November

The elections for the US Senate, as well as the presidential elections, will be held on 5 November, in an election day that will surely be widely talked about over the coming months. Of the 100 total seats in the US Congress, 34 will be up for grabs and all 435 House seats will be renewed. The President's name could also change.

In light of this, the battle between John Deaton and Elizabeth Warren is a negligible one, yet it holds an undeniable symbolic significance for all cryptocurrency enthusiasts.

By Mattia Mezzetti profile image Mattia Mezzetti
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