Massachusetts Republican senatorial candidate and pro-XRP attorney John E. Deaton reportedly holds 80% of his personal wealth in the world’s largest cryptocurrency by market value, Bitcoin (BTC), making him one of the most bullish politicians in the United States. Deaton also holds other cryptocurrencies, including Ether, XRP, and Solana.
Outspoken Crypto Defender John Deaton’s Crypto Holdings Revealed
Lawyer-turned-politician John Deaton, who hopes to unseat ardent crypto critic Sen. Elizabeth Warren in the Massachusetts Senate race, has attracted attention in the cryptosphere for his ongoing defense of cryptocurrencies, specifically Ripple’s XRP, amid the fintech startup’s four-year legal dispute with the United States Securities and Exchange Commission.
The fierce crypto advocate personally intervened in the lawsuit (filing numerous amicus curiae briefs on behalf of XRP tokenholders) and was largely vindicated, as Ripple partially won the high-profile case in July 2023 and the SEC later dropped charges against the company’s current and former CEOs.
FOX Business reporter Eleanor Terrett recently revealed that Deaton has put his money where his mouth is, with a massive 80% of his net worth tied up in Bitcoin (BTC) or BTC-related investments. According to Terrett, Deaton also has undisclosed holdings in Ethereum (ETH), Solana (SOL), and XRP.
SCOOP: Is Massachusetts Senate candidate @JohnEDeaton1 the biggest holder of #Bitcoin of any elected official/candidate? His recent financial disclosures show that around 80% of his net worth is in $BTC or $BTC related investments. He also owns $ETH, $SOL and $XRP.
— Eleanor Terrett (@EleanorTerrett) July 24, 2024
Notably, Deaton’s supporters aren’t limited to staunch XRP fanatics, though. The broader crypto community has also supported his campaign due to frustrations with Warren’s “anti-crypto” influence.
Crypto And US Elections
Crypto has become a hot-button issue for many candidates running for office in 2024, including former U.S. President Donald Trump. The Republican nominee has pledged to support Bitcoin mining in the United States and is widely expected to announce plans for a strategic Bitcoin (BTC) reserve.
Ripple has donated roughly $1 million to the super political action committee (PAC) Commonwealth Unity Fund to support Deaton’s campaign. Other prominent figures in the crypto community, including Gemini founders Tyler and Cameron Winklevoss, Kraken co-founder Jesse Powell, Ripple’s executive chairman Chris Larsen, and Cardano creator Charles Hoskinson, have also contributed to his campaign.
It’s unclear if Deaton’s crypto legal work could boost his Senate campaign, with election day less than five months away. Both candidates for the Massachusetts seat in the U.S. Senate have significantly different outlooks on crypto assets. Senator Warren famously declared that she would build an “anti-crypto army.” She claimed on July 25 that crypto mining operations in the U.S. threaten national security, with “foreign adversaries” running crypto mining companies that could be used “to spy on U.S. military operations.”
