Senator Elizabeth Warren’s assertion that John Deaton’s campaign funding is comprised of 90% cryptocurrency donations has come under fire following an investigative report by journalist Eleanor Terret. The findings reveal that, contrary to Warren’s claims, only about 10% of Deaton’s individual contributions stem from the crypto sector.
Deaton’s campaign has raised approximately $2 million, with a significant portion—around $1 million—originating from a personal loan he provided to himself. This leaves around $1 million from individual donors. According to Federal Election Commission (FEC) filings, less than $100,000 of those individual contributions came from the cryptocurrency industry, clearly indicating that only a small fraction of his funding is crypto-related.
Despite Warren’s insistence during a recent debate that Deaton’s campaign is largely financed by the crypto sector, Terret’s investigation paints a different picture. Even when considering funds raised by the Commonwealth Unity Fund, a super PAC that collected an additional $2.5 million, the total contributions from the crypto industry would only amount to 60%, still significantly less than the 90% figure Warren has presented.
This is not the first time Senator Warren has been accused of misleading the public. Her previous remarks have drawn skepticism, particularly in light of recent criticisms from figures like Elon Musk and John Deaton himself, who have challenged her inflation statements.
Deaton, an advocate for the crypto community, has played a pivotal role in the ongoing SEC vs. Ripple lawsuit, providing pro bono legal services to around 75,000 token holders over the past four years, including 627 residents of Massachusetts. In response to Warren’s comments, he reaffirmed his commitment to representing token holders, regardless of her political standing. “Whether she remains a U.S. Senator or returns to private citizenship, I intend to continue representing these token holders in this ridiculous appeal made by the SEC,” Deaton stated, emphasizing the need for the U.S. to lead in innovation.
As the electoral race heats up, support for Deaton is growing among prominent industry figures, including Ripple CEO Brad Garlinghouse and Coinbase’s Brian Armstrong, who are backing the Republican nominee as he takes on the anti-crypto Senator in the upcoming elections.
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