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Political acceptance of crypto grows as more politicians, including Senate candidate John Deaton, seem to hold the asset class.
Deaton, who holds a significant portion of his wealth in cryptocurrencies like BTC, ETH, SOL, and XRP, is challenging the anti-crypto stance of Elizabeth Warren.
His campaign gains momentum with substantial donations from key crypto figures, contrasting Warren’s much larger campaign fund.
US politicians are slowly warming up to crypto, and the number of crypto holders appears to be rising among politicians. One of the biggest political holders of Bitcoin – if not the biggest holder – could be a well-known crypto personality.
Source: John Deaton
Related: CryptoQuant: Whales Gather 358K BTC; VanEck Makes $3M Bitcoin Price Forecast
As Fox Business journalist Eleanor Terrett reports, John E. Deaton holds around 80% of his wealth in BTC.
🚨SCOOP: Is Massachusetts Senate candidate @JohnEDeaton1 the biggest holder of #Bitcoin of any elected official/candidate? His recent financial disclosures show that around 80% of his net worth is in $BTC or $BTC related investments. He also owns $ETH, $SOL and $XRP.
— Eleanor Terrett (@EleanorTerrett) July 24, 2024
The former US Marine turned lawyer is now running to become a Senator in the state of Massachusetts. Deaton started his campaign to challenge anti-crypto Senator Elizabeth Warren, who has vowed to build an anti-crypto army.
Deaton also holds ETH, SOL and XRP. He became somewhat of a crypto-lawyer when he agreed to represent 76,000 XRP holders in the legal battle against the US Securities and Exchange Commission (SEC) – although during his career in the legal field he mainly dealt with asbestos cases.
Deaton’s Fight for Fair Crypto Representation Receives Prominent Support
Last week Deaton’s political campaign received a huge boost when Tyler Winklevoss, co-founder of Gemini and Winklevoss Capital made a huge announcement. Winklevoss will donate US$500,000 (AU$761,690) to Deaton’s campaign for the Massachusetts Republican senatorial primary on 5 November 2024.
In a lengthy post on platform X, Winklevoss laid out his reasons, criticising Warren as a major threat to American prosperity and the crypto industry. He accused Warren of leading a detrimental crusade against the cryptocurrency sector by using government agencies to impose harsh regulations and enforcement actions unfairly.
Winklevoss supports Deaton as the only candidate who can defeat Warren in the race for a Senate seat.
John Deaton is a pro-Bitcoin, pro-crypto, and pro-business candidate; Elizabeth Warren is not. She is a lawmaker who can’t pass a law. She is celebrity over results. Politician over leader. Form over substance.
Tyler Winklevoss
Deaton’s Campaign Has Some Catching Up to Do
This comes after Ripple, the company behind XRP, donated US$1 million (AU$1.5 million) to Deaton. Other notable donors are Coinbase, Jesse Powell co-founder of Kraken, Anthony Scaramucci, founder of SkyBridge Capital and Cardano founder Charles Hoskinson.
Related: Ferrari Launches Crypto Payments in Europe After Successful US Rollout
However, the donations for Deaton, just around US$2 million (AU$3 million), are dwarfed by Elizabeth Warren’s funds, which exceed US$18 million (AU$27.4 million).
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