On September 3rd, Massachusetts voters will cast ballots in a primary showdown that could shake up the crypto world and reshape the Senate race.
Here’s the latest crypto news: In the 2024 U.S. Senate election for Massachusetts, three candidates have emerged with strong pro- or anti-crypto stances, attracting both financial support and criticism.
According to a May poll, incumbent Democratic Senator Elizabeth Warren remains the clear favorite against all potential Republican challengers—only one of whom is expected to face her in November.
John Deaton, a lawyer known for his numerous amicus briefs in support of crypto firms battling the U.S. Securities and Exchange Commission, has garnered the backing of several high-profile figures in the digital asset industry. R
ipple contributed $1 million to a political action committee (PAC) supporting Deaton’s campaign, while other supporters include Gemini co-founders Cameron and Tyler Winklevoss, Kraken co-founder Jesse Powell, and Cardano founder Charles Hoskinson.
As of August 14th, Federal Election Commission (FEC) filings revealed that Deaton had raised approximately $1.8 million from donors.
However, this figure excludes expenditures from PACs like the Commonwealth Unity Fund, which raised over $2.5 million in support of Deaton.
On August 29th, the Commonwealth reported spending about $70,000 on direct mail and digital advertising for Deaton’s Senate bid—likely among the final expenditures the PAC will disclose before the September 3rd primary.
Altogether, the PAC has spent more than $1.3 million in support of Deaton, fueled by contributions from the crypto industry.
Ian Cain Deaton isn’t the only Republican challenging Warren. Ian Cain, co-founder of Qubic Labs, has made clear his support for crypto and blockchain technology through various statements on his personal X account.
Although FEC records show that Cain had raised just $390,000 for his campaign as of August 14th, he has earned the endorsement of Wyoming Senator Cynthia Lummis, one of the most vocal pro-crypto voices in Congress. It’s unclear why Senator Lummis chose to endorse Cain over Deaton.
Elizabeth Warren, who has served in the U.S. Senate since 2013, faces no Democratic primary challenger on September 3rd. Polls suggest she is well-positioned to defeat any Republican contender in November.
Other candidates, including Republican engineer Robert Antonellis, appear to be struggling in both voter support and fundraising.
FEC records indicate that Warren had raised more than $18 million for her reelection campaign as of August 14th. With less than 24 hours until the Massachusetts primary and 64 days until the general election, Warren remains a formidable candidate.
According to the latest news in cryptocurrency, Warren has been a vocal critic of cryptocurrency throughout her tenure, particularly regarding its potential links to illicit activities such as money laundering and drug trafficking. She introduced the Digital Asset Anti-Money Laundering Act, a bill aimed at requiring the Financial Crimes Enforcement Network to issue guidance on digital assets.
Meanwhile, some Democratic lawmakers, including Senate Majority Leader Chuck Schumer, have pledged to support legislation that promotes innovation in the digital asset industry. This move is part of a broader effort by Democrats to counter the perception that their party is “anti-crypto,” in contrast to Republicans like Donald Trump.
