As the US election draws closer with just 57 days remaining, Super PAC are increasing their spending spree in Massachusetts and nationwide.
The Commonwealth Unity Fund, a PAC with major contributions from Gemini and Ripple Labs co-founders, has invested over $600,000 to back Republican Senate candidate John Deaton.
Federal Election Commission (FEC) filings from Sept. 6 reveal that the PAC allocated about $330,000 on ads against Democratic Senator Elizabeth Warren and another $330,000 in support of Deaton.
This marks one of the first notable moves by a crypto-backed Super PAC since Deaton secured the Republican nomination on Sept. 3. With backing from crypto figures like the Winklevoss twins and Kraken’s Jesse Powell, Deaton is challenging Sen. Warren, who has served Massachusetts in the Senate since 2013.
Crypto PACs boost spending in 2024 elections
John Deaton is a lawyer who has supported Ripple and other crypto companies in legal battles with the US Securities and Exchange Commission (SEC).
During his Senate campaign, he criticized the SEC and Senator Elizabeth Warren for overstepping their roles when it comes to regulating digital assets.
Senator Warren, representing Massachusetts, has spoken out against cryptocurrencies in Congress, linking them to illegal activities like money laundering and drug trafficking.
In response, many Democrats are pushing back against her views, especially in an election year as they rally behind Vice President Kamala Harris.
FEC records show that the Commonwealth Unity Fund has raised over $2.5 million to support Deaton. Additionally, individual donors have given around $1.8 million directly to his campaign as of Aug. 14.
On the other hand, Senator Warren has raised more than $18 million for her reelection since 2019.
After Deaton won the primary, Warren’s campaign announced she would participate in two debates in October, but Deaton is asking for five debates. It remains unclear how many debates will actually take place.
Other crypto-backed PACs, like Fairshake and its affiliates Defend American Jobs and Protect Progress, are also spending heavily on attack ads and supportive media in various congressional races for the 2024 elections.
Fairshake has raised around $169 million from crypto and non-crypto donors and has spent tens of millions during this election season.
