The Commonwealth Unity Fund, a prominent political action committee (PAC) with strong backing from the cryptocurrency industry, has made significant financial contributions in the race for a United States Senate seat in Massachusetts. Backed by notable figures from Gemini and Ripple Labs, the PAC has spent over $600,000 to support Republican candidate John Deaton in his bid to unseat Democratic incumbent Senator Elizabeth Warren.
According to records filed with the Federal Election Commission (FEC) on September 6, the Commonwealth Unity Fund made substantial investments in media buys, allocating around $330,000 to oppose Warren and another $330,000 to support Deaton. These expenditures mark one of the largest contributions from a crypto-backed Super PAC following Deaton’s victory in the Republican primary for the Senate race on September 3.
| Expenditure | Amount | Purpose |
|---|---|---|
| Media buy opposing Warren | $330,000 | Attack ads against Warren |
| Media buy supporting Deaton | $330,000 | Promotion of Deaton’s campaign |
The PAC’s backing highlights the growing influence of cryptocurrency leaders in American politics. Crypto industry heavyweights, including the Winklevoss twins (co-founders of Gemini) and Jesse Powell (co-founder of Kraken), have thrown their support behind Deaton, recognizing him as a candidate who will champion their interests, particularly regarding regulatory scrutiny.
Deaton’s Platform and Crypto Industry Support
John Deaton is an attorney known for his defense of Ripple Labs and other crypto firms facing legal action from the U.S. Securities and Exchange Commission (SEC). Throughout his campaign, Deaton has taken aim at both the SEC and Senator Warren, accusing them of overreaching their authority in regulating digital assets. Deaton’s pro-crypto stance has resonated with industry leaders eager to push back against what they view as excessive regulatory burdens.
In contrast, Senator Elizabeth Warren has been a vocal critic of the cryptocurrency industry. During her time in office, she has frequently raised concerns about the role of digital assets in facilitating illicit activities, such as money laundering and drug trafficking. Warren’s critical stance has made her a key target for crypto-backed political efforts, including the substantial support being channeled toward Deaton’s campaign.
The Battle for the U.S. Senate
As the race for the U.S. Senate heats up, both candidates are rallying their supporters and preparing for debates. FEC records indicate that the Commonwealth Unity Fund has raised over $2.5 million in support of Deaton’s campaign. Additionally, individual donors have contributed approximately $1.8 million directly to his campaign as of August 14.
In contrast, Senator Warren’s campaign has amassed a considerable war chest. Since 2019, Warren has raised more than $18 million for her re-election bid. This significant financial advantage underscores the high stakes of the Massachusetts Senate race, where both candidates are preparing for a series of debates in October. Warren has agreed to participate in two debates, while Deaton has been pushing for five, though it remains unclear if additional debates will be scheduled.
Crypto-Backed PACs Making Their Mark
The Commonwealth Unity Fund is not alone in its efforts to influence the 2024 election cycle. Other crypto-funded PACs, such as Fairshake, Defend American Jobs, and Protect Progress, have been pouring money into both attack ads and supportive media campaigns in various congressional races. These PACs have raised substantial sums from donors within and outside the cryptocurrency space.
With approximately $169 million raised, Fairshake and its affiliates have been particularly active in shaping the narrative of this election season. Their focus on influencing congressional primaries and the upcoming general election is expected to have a lasting impact on the outcomes of several key races.
As the U.S. election draws closer, the influence of cryptocurrency-backed Super PACs like the Commonwealth Unity Fund and Fairshake is becoming more apparent. The substantial financial investments from these PACs, particularly in the Massachusetts Senate race, signal the crypto industry’s determination to push back against regulatory challenges and elect candidates who will support their vision for the future of digital assets. As Deaton and Warren gear up for the final stretch of the campaign, all eyes will be on Massachusetts to see how the crypto industry’s backing will influence this high-stakes election.
Featured image credit: William R. Beem via Flickr
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