- Ripple donates $1M to Commonwealth Unity Fund to back John Deaton’s campaign against Senator Elizabeth Warren.
- Ripple executives, Cardano’s founder, and others support Deaton, raising $1.26M for his pro-crypto Senate bid.
- Ripple CEO expects SEC lawsuit resolution soon, as XRP’s regulatory fate remains crucial for crypto investors.
Ripple has donated $1 million to the Commonwealth Unity Fund, a PAC established by pro-XRP lawyer James Murphy. This contribution aims to promote Attorney John Deaton’s candidacy and remove Senator Elizabeth Warren from her position. Besides, many have supported this initiative, including Murphy, who contributed $50,000.
In April, Ripple previously backed Deaton’s campaign, with executives Brad Garlinghouse and Chris Larsen donating the maximum individual contribution of $6,600. Moreover, other crypto proponents, like Cardano founder Charles Hoskinson, have supported Deaton’s bid against Senator Warren. Consequently, by April, Deaton had raised $1.26 million, mostly from crypto enthusiasts.
Political Showdown and Crypto Influence
The Massachusetts Senate race has developed into a major political battleground between groups who support and oppose cryptocurrency. Lawyer Deaton, a former member of the US Marine Corps, is committed to advancing the expansion of the US cryptocurrency market. This election serves as a reminder of the crypto industry’s growing political influence.
In a Bloomberg Television interview, Ripple’s CEO, Brad Garlinghouse, expressed confidence in a resolution with the SEC soon. However, he declined to comment on potential settlement talks. Garlinghouse noted that the judge’s ruling was clear and expected a resolution soon, although he couldn’t predict when the judge would rule.
SEC Lawsuit and Regulatory Implications
In 2020, the SEC brought legal action against Ripple Labs, claiming that the business had broken the law by selling XRP without first registering it as a security. Because of its potential wider effects on the SEC’s regulatory authority, this case is being keenly studied. A US District Judge ruled last July that XRP sales to retail investors on exchanges were not investment contracts. This ruling was a setback for the SEC.
A “closed meeting” scheduled for July 18 on the SEC website has fueled more conjecture among cryptocurrency fans. A representative for the SEC declined to address the issue. A decision over the future of XRP tokens is highly anticipated by traders and investors. The founder of the cryptocurrency fund Split Capital, Zaheer Ebtikar, claims that future legislative developments will determine XRP’s future.
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