News
Ripple Donates $1 Million to Support John Deaton and Oust Warren
In a recent development for the XRP community, Ripple Labs has donated $1 million to the Commonwealth Unity Fund, a super political action committee (PAC) founded by pro-crypto lawyer James Murphy, also known as MetaLawMan. This PAC is dedicated to unseating Senator Elizabeth Warren, a vocal critic of the cryptocurrency industry, and electing John Deaton, a well-known XRP supporter, to the Senate.
Read on to find out the latest developments and what they could mean for the future of digital assets.
Strategic influence in US politics
Ripple’s large contribution to the Commonwealth Unity Fund demonstrates the company’s strategic intent to influence U.S. policy in favor of the cryptocurrency industry, according to FOX Business reporter Eleanor Terrett. Murphy, who founded the PAC, emphasized the critical nature of this election in shaping the future of cryptocurrency regulation.
He personally contributed $50,000 to the PAC and is rallying the crypto community to support Deaton’s Senate bid to end years of SEC interference. Ripple executives Brad Garlinghouse and Chris Larsen also backed Deaton with the maximum campaign contribution of $6,600 in April. At that point, Deaton had raised $1.26 million, mostly from cryptocurrency enthusiasts, as reported by Politico.
Warren’s Fundraising Power
In contrast, Senator Warren’s fundraising efforts have been robust. She amassed more than $1.1 million in the first quarter from 29,622 donors and 51,888 contributions, with an astonishing 99 percent of donations under $100. Her average donation has been $22, and her campaign boasts a total war chest of more than $4.4 million.
The Commonwealth Unity Fund has amassed $1,050,020 in donations, with $909,405 still available as of June 30. This financial support is critical to mounting a successful challenge to Senator Warren’s stance on cryptocurrency regulation.
XRP Price Increase
In the cryptocurrency market, XRP Price has seen a significant increase, trading at $0.54, up 3% over the past 24 hours. The surge follows the announcement by the Chicago Mercantile Exchange (CME) and CF Benchmarks of new benchmark rates and real-time indices for XRP, sparking speculation about a potential XRP ETFs. Additionally, Ripple CEO Brad Garlinghouse hinted at promising developments regarding a spot ETF, further fueling investor excitement.
XRP’s recent price rally is also attributed to broader market anticipation surrounding the upcoming Ethereum ETF and overall positive sentiment in the cryptocurrency space. With trading volumes on the rise and a 56% increase in the last 24 hours, XRP’s performance reflects growing optimism among traders and investors.
Will Ripple’s Million Dollar Bet Pay Off? Only Time Will Tell.