Ripple veteran David Schwartz has provided financial support for the US Senate campaign of prominent XRP backer John Deaton, who played an instrumental role in the company’s successful legal battle with the U.S. Securities and Exchange Commission. Of course, the donation was made directly with the token.
The contribution came after Deaton took to social media to solicit grassroots funding. Deaton has stressed that he relies on small-dollar donors, distancing himself from traditional fundraising methods.
“Unlike career politicians, I don’t take PAC money. I don’t take lobbyist money. I don’t answer to special interests,” Deaton stated on X.
He noted that his campaign is supported by ordinary people who give $25 to $100 at a time to “defeat 53 years of politics as usual.”
A stinging defeat
This is, of course, far from being Deaton’s first foray into politics. During his previous run, he unsuccessfully tried to challenge none other than Massachusetts Senator Elizabeth Warren in 2024. Warren is widely known as one of the staunchest cryptocurrency naysayers.
Deaton continues to leverage his massive following within the digital asset, and he is currently in the middle of another campaign.
Growing importance of crypto in politics
Candidates like Deaton are trying to eschew corporate PAC money.
However, the broader cryptocurrency industry is doing the exact opposite with enormous institutional spending.
According to a recent report by Politico, deep-pocketed political action committees are pouring tens of millions of dollars into competitive races to elevate their favorite pro-crypto politicians.
Fairshake, a prominent pro-crypto super PAC funded by industry heavyweights including Ripple Labs, has already spent $28 million across several competitive primary races this cycle. During the previous election cycle, a Fairshake-affiliated super PAC spent roughly $40 million to take down then-incumbent Democratic Senator Sherrod Brown in Ohio (a vocal crypto critic).
However, the electorate remains mostly cautious of crypto, so it might take more than piles of cash to win over the hearts and minds of voters.