As a seasoned researcher with extensive experience in the crypto and political spheres, I find the recent donations from the Winklevoss twins to pro-XRP lawyer John Deaton and the Commonwealth Unity Fund an intriguing development. The crypto industry has long been under threat from Senator Elizabeth Warren’s anti-crypto stance, and these high-profile donations could be a turning point in the ongoing battle for regulatory clarity.
The Winklevoss twins, who own crypto exchange Gemini, made public a $1 million donation in Bitcoins on July 18 for a pro-XRP super PAC led by John Deaton. This legal advocate is preparing to confront Senator Warren in the upcoming battle over XRP regulations.
Two prominent crypto investors, the Winklevoss twins, made a significant contribution of $2 million to Republican nominee Donald Trump last month. More recently, another donation worth an undisclosed amount has been pledged to the Commonwealth Unity Fund, which was established to aid Deaton’s campaign. This new fund is categorized as a “super” political action committee.
I recently contributed the equivalent of $500,000 in Bitcoin (approximately 8 BTC) to @DeatonforSenate’s campaign, with the goal of helping him defeat @SenWarren and assume the role of a U.S. Senator.
Here’s the TL;DR — John Deaton is:
Pro-BitcoinPro-CryptoPro-Business
And he will put an end to Elizabeth Warren’s war on crypto. Onward!
— Cameron Winklevoss (@cameron) July 18, 2024
Speaking on the development, PAC’s fundraising lead, James Murphy, told Fox Business:
I’m deeply thankful to Ripple‘s management and the Winklevoss brothers for their backing of the Commonwealth Unity Fund. In my opinion, they’re playing a significant role in making people realize that John Deaton has a strong chance of winning in November.
Due to federal election regulations, Deaton was unable to make a comment as there must be a complete legal divide, or “Chinese Wall,” between candidates and their backing Super PACs.
“Elizabeth Warren poses a major threat to American wealth, and when it comes to cryptocurrency, she is our most formidable adversary,” stated Tyler Winklevoss in a recent post.
Protecting Crypto from Senator Warren’s Wrath
Senator Elizabeth Warren has proposed a law intended to prohibit the application of cryptocurrencies and their underlying blockchain technology in funding terrorist activities or illegal financial transactions. The crypto community perceives this bill as a potential obstacle to their expansion in the US, fearing that excessive regulations might force crypto businesses to relocate abroad.
In support of Deaton, Tyler expressed his viewpoint by labeling Gary Gensler and Martin Gruenfield, who hold significant roles in the SEC and FDIC respectively, as “faithful dogs” or “attack dogs.” He alleged that these individuals wielded their agency’s power to advance Warren’s adversarial stance towards cryptocurrencies.
In spite of being disliked by many in the crypto industry, Warren remains a front-runner for the upcoming election, benefiting from her status as an influential progressive figure and the backing of the Biden Administration within Massachusetts.
It’s intriguing that crypto industry veterans, such as Vitalik Buterin, have voiced concerns against the preference for cryptocurrency donations. They argue that this trend can inadvertently empower authoritarian figures.
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2024-07-19 11:54