Super PAC Allocates $70K to Crypto-Centric Senate Race Ahead of Primary

September 03, 2024 03:18 PM AEST | By Team Kalkine Media

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Super PAC Allocates $70K to Crypto-Centric Senate Race Ahead of Primary — Image source: shutterstock

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Massachusetts Senate race, voters will choose between incumbent Elizabeth Warren and one of the Republican candidates, John Deaton or Ian Cain. The outcome of the primary election on September 3 will determine which Republican candidate will face Warren in the November general election. This race is expected to have significant implications for the cryptocurrency industry.

Elizabeth Warren, a Democratic Senator since 2013, has been a vocal critic of {cryptocurrency}, citing concerns about their use in illicit activities such as money laundering and drug trafficking. During her tenure, Warren introduced the Digital Asset Anti-Money Laundering Act, aimed at increasing regulatory oversight of digital assets. Despite this, she remains highly favored in the polls and has amassed substantial support and fundraising for her re-election campaign.

John Deaton, a lawyer known for his advocacy on behalf of cryptocurrency firms in litigation with the U.S. Securities and Exchange Commission, has garnered significant backing from the digital asset industry. Prominent figures and organizations in the crypto sector, including Ripple, Gemini co-founders Cameron and Tyler Winklevoss, Kraken co-founder Jesse Powell, and Cardano founder Charles Hoskinson, have supported Deaton’s campaign. Deaton has raised considerable funds through donations and political action committees (PACs), with substantial contributions directed towards his campaign efforts.

Ian Cain, another Republican contender, co-founded Qubic Labs and has expressed support for blockchain technology through his public statements. Although Cain has received an endorsement from Wyoming Senator Cynthia Lummis, a known advocate for cryptocurrency, his campaign has raised less compared to Deaton. The reasons behind Lummis’s endorsement of Cain over Deaton remain unclear.

As the Massachusetts primary approaches, Warren’s campaign appears robust, with her fundraising efforts well ahead of her competitors. The general election in November will thus likely present a clear choice between Warren’s regulatory stance and the more crypto-friendly positions of her Republican challengers.

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