Crypto Super PAC pours $660K into Senate race as US election closes in

The Commonwealth Unity Fund, a political action committee (PAC) primarily funded by contributions from the co-founders of Gemini and Ripple Labs, has spent more than $600,000 toward the election of Republican candidate John Deaton in the United States Senate.

According to Federal Election Commission (FEC) records filed on Sept. 6, Commonwealth spent roughly $330,000 on media buys opposing Democratic incumbent Elizabeth Warren in the Massachusetts US Senate race. The Super PAC also spent the same amount on a media placement supporting Deaton.

The media buy marked one of the first significant expenditures from a crypto-backed Super PAC since Deaton won the Republican nomination for the US Senate race on Sept. 3. Backed by crypto industry leaders including the Winklevoss twins and Kraken co-founder Jesse Powell, the Republican candidate seeks to unseat Sen. Warren, who has served as Massachusetts’ Democratic Senator since 2013. 

Race to control US Senate

Deaton is a lawyer who has backed Ripple and other crypto firms facing litigation from the US Securities and Exchange Commission (SEC). During his campaign, he criticized the SEC and Sen. Warren specifically for overreaching their authority regarding digital assets. 

As a Senator from Massachusetts, Warren has openly criticized cryptocurrency during congressional hearings, associating it with illicit activities, including money laundering and drug trafficking. However, many Democrats are rallying to push back on this narrative in an election year in an attempt to support presidential candidate and Vice President Kamala Harris.

According to FEC records, Commonwealth has raised more than $2.5 million to support Deaton. However, individual donors have contributed roughly $1.8 million directly to the Republican candidate’s campaign as of Aug. 14. Since 2019, Sen. Warren has raised more than $18 million toward her reelection. 

Related: Kamala Harris’ campaign isn’t directly accepting crypto — a Super PAC is

After Deaton’s primary victory, Sen. Warren’s campaign released a statement saying she agreed to two debates in October. However, the Republican candidate has been pushing for five debates. At the time of publication, it’s unclear if or when these debates could happen. 

Other crypto-funded PACs like Fairshake and its affiliates Defend American Jobs and Protect Progress have been pouring money into attack ads and supportive media campaigns into congressional races as part of primaries and the 2024 general election. Fairshake, which reported raising roughly $169 million from donors in and out of the crypto space, has spent tens of millions this US election season.

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