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Coinbase CEO’s Interest In Deaton’s Senate Run Sparks Crypto PAC Donation Talks – Crypto News

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1 year ago

February 26, 2024

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In a whirlwind of political intrigue and crypto influence, Coinbase CEO Brian Armstrong’s recent expression of interest in John Deaton’s Senate campaign against Elizabeth Warren has ignited discussions within both the political and crypto spheres. Meanwhile, as Deaton, a prominent figure in the XRP community, steps into the political arena, questions arise about the potential backing of crypto PACs in his bid for the Massachusetts Senate seat.

Crypto PACs Eyeing Political Influence

Coinbase CEO Brian Armstrong’s expressed curiosity about John Deaton challenging Elizabeth Warren has ignited discussions within the crypto community regarding potential support from crypto PACs. Meanwhile, as the 2024 election cycle commences, Politico reported that crypto companies like Coinbase, Ripple Labs, and Andreessen Horowitz are emerging as significant donors, collectively contributing millions of dollars to three crypto-focused super PACs.

Besides, affiliated crypto super PACs, including Fairshake, Protect Progress, and Defend American Jobs, amassed $84.8 million in 2023. Key individual contributors such as a16z co-founders Marc Andreessen and Ben Horowitz, alongside Gemini founders Tyler and Cameron Winklevoss, have donated substantial amounts.

While these crypto super PACs have allocated funds for operating expenses and polling, they have yet to endorse specific candidates. However, Fairshake has initiated advertising campaigns, notably supporting three candidates contesting against Katie Porter in California’s Senate primary.

Now, given John Deaton’s active role in Ripple Vs. SEC lawsuit and the recent comments from Coinbase CEO Brian Armstrong have sparked discussion over crypto PAC potentially backing John Deaton’s senate run against Elizabeth Warren.

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Political Influence & Dynamics

John Deaton’s entry into the Senate race against Elizabeth Warren raises eyebrows, given her reputation for anti-crypto sentiments. While Deaton’s campaign video doesn’t overtly mention cryptocurrency, his background as a vocal advocate for XRP and his battle against corporate greed resonate with segments of the crypto community.

However, as speculation mounts over potential crypto support for Deaton’s campaign, attention shifts to other high-profile races, notably in Ohio, where GOP Senate candidate Bernie Moreno, a crypto evangelist, garners attention. While Deaton’s bid against Warren may seem like a long shot, the influx of crypto money into political campaigns underscores the industry’s growing clout and determination to shape regulatory landscapes.

Besides, the recent urge of the Coinbase CEO to seek more insights on John Deaton has fuelled optimism in the XRP community.

While Deaton’s foray into politics marks a significant development for the cryptocurrency community, the extent of crypto PAC support remains uncertain. As the 2024 election season gains momentum, the interplay between crypto interests, political agendas, and grassroots movements like Deaton’s promises to reshape the political landscape, with far-reaching implications for both traditional and digital financial realms.

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