Ripple donates $1 million to PAC backing pro-crypto challenger against Elizabeth Warren
Ripple has contributed $1 million to the Commonwealth Unity Fund, a new super PAC established by attorney James Murphy. The PAC aims to support John Deaton, a prominent advocate for cryptocurrency, in his bid to unseat Massachusetts Senator Elizabeth Warren, known for her anti-crypto stance.
Ripple’s donation adds to growing campaign
According to details in an official filing, Ripple made the huge donation in May.
The Commonwealth Unity Fund also received $50,000 from Murphy aka @MetaLawMan on X, Fox Business journalist Eleanor Terret noted on Tuesday.
Details of these donations are filed with the Federal Election Commission.
“For me and my family, this election is simply too important to just stand on the sidelines. We desperately need a uniter like John E. Deaton in the Senate,” Murphy posted on X as he commented on the reported donation.
This is not the first major donation that Ripple has made as the US election campaign heats up.
The company, which remains in a legal battle with the SEC since the regulator sued it in December 2020 over XRP, announced a $25 million donation to Fairshale in May this year.
Fairshake is a super PAC that seeks to aid crypto-friendly legislators and politicians. The target is to have such individuals get into office to champion for regulatory clarity and support for blockchain innovation in the United States.
The super PAC has received donations from crypto exchange Coinbase and a16z Crypto, a crypto-focused venture investment fund by VC behemoth Andreessen Horowitz.
Cameron and Tyler Winklevoss, the billionaire co-founders of the cryptocurrency exchange Gemini, donated $4.9 million to the Fairshake super PAC in February.
Crypto donations to Trump
In addition to supporting PACs, prominent figures in the crypto community, such as the Winklevoss twins, have also directed donations towards President Donald Trump’s campaign.
In June, they contributed $50,000 each to America PAC, a super PAC backing Trump. Moreover, they donated $1 million in Bitcoin to Trump’s re-election efforts.
President Trump has emerged as a prominent advocate for cryptocurrencies and is scheduled to speak at the Bitcoin 2024 conference later this month.
The market responded positively to news of his survival following an assassination attempt on July 13, coupled with his nomination of crypto-friendly Ohio lawmaker J.D. Vance as his vice presidential candidate. Vance has disclosed holding between $100,000 to $250,000 worth of Bitcoin in 2022.
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