Ripple Labs has donated $1 million to support the campaign against Senator Elizabeth Warren, a known crypto critic.
Ripple Donation to Commonwealth Unity Fund
The donation was made to the Commonwealth Unity Fund, a super PAC backing John Deaton, a Republican challenger and crypto attorney. Ripple's contribution represents over 95% of the PAC’s donations last quarter.
A spokesperson for Ripple confirmed the donation but did not comment on future spending plans or decision-making processes regarding political funding.
Crypto Industry's Political Influence
The crypto industry, including Ripple, has been active in political races nationwide. Defeating Warren, a significant opponent of crypto, is seen as a major goal.
Earlier this year, a PAC funded by Ripple, Coinbase, and Andreessen Horowitz spent $3 million to defeat a Senate candidate allied with Warren. The PAC, Fairshake, has raised $178 million this election cycle.
Why Ripple is involved in politics
Ripple's involvement in politics is driven by its ongoing legal dispute with the SEC, which is seeking a $2 billion fine against the firm.
Challenges in Defeating Warren
Despite the significant funding, defeating Warren remains challenging due to Massachusetts' Democratic leanings. Recent polls show Warren leading her Republican challengers by over 20 points.
The Republican Senate primary in Massachusetts is scheduled for September 3, with Deaton needing to win to face Warren in November.