John Deaton, a pro-XRP attorney and Republican Senate nominee in Massachusetts, has emerged as a major crypto holder in the political arena. His portfolio is turning heads.
Deaton's crypto holdings are no small change. A whopping 80% of his net worth is in Bitcoin or related investments, though it's worth mentioning that the senator has also got stakes in Ethereum, Solana, and XRP (no meme coins, in case you wondered).
This news came to light on Wednesday. Fox journalist Eleanor Terret spilled the beans.
Deaton's not just a lawyer. He's a Marine vet too. He's been defending cryptocurrencies, especially Ripple, for years.
Ripple's been in a nasty legal scrap with the SEC since 2020. The regulator claims they violated securities laws. Deaton's been a key player in Ripple's defense.
Now, Ripple's backing Deaton's campaign. They've been throwing serious cash at it.
The company's pumped $1 million into a super PAC. It's called the Commonwealth Unity Fund. Legal expert James Murphy, aka "MetaLawMan", set it up.
Murphy's got big plans. He wants to see more crypto-friendly faces in Congress. He reckons Deaton's the man for the job.
But it's not all smooth sailing. Deaton's up against Elizabeth Warren. She's held her seat since 2013 and isn't a fan of crypto.
Warren's got deeper pockets too. Deaton's playing catch-up in the fundraising game.
Murphy's not fazed. He told Fox: "We're in it to win it."
Meanwhile, XRP's price is feeling the heat. It's down 1.5% in the last 24 hours, trading at $0.615. The whole crypto market's taken a hit, with Bitcoin leading the slide on Thursday.
