On Sept. 3, voters in Massachusetts will decide which political party candidates will advance to the November general election, a race that could have significant repercussions for the crypto industry.
In the 2024 United States Senate election for Massachusetts, three candidates across party lines have expressed staunch pro- or anti-crypto views, attracting financial support from the industry and criticism from others. According to polls conducted in May, incumbent Democratic Senator Elizabeth Warren was still highly favored above all potential Republican candidates, only one of whom will likely face off against her in November.
John Deaton
A lawyer who has penned many amicus briefs on behalf of crypto firms facing litigation from the US Securities and Exchange Commission, John Deaton has the support of many high-profile figures in the digital asset industry. This includes Ripple, which donated $1 million to a political action committee (PAC) supporting Deaton’s campaign, Gemini co-founders Cameron and Tyler Winklevoss, Kraken co-founder Jesse Powell and Cardano founder Charles Hoskinson.
Federal Election Commission (FEC) filings showed that, as of Aug. 14, Deaton had raised roughly $1.8 million from donors. However, this amount did not include expenditures with PAC money from groups like the Commonwealth Unity Fund, which raised more than $2.5 million to support the Republican’s campaign.
On Aug. 29, Commonwealth reported that it had spent roughly $70,000 on direct mail and digital advertising for Deaton’s Senate run — likely some of the last expenditures the PAC will report before the Sept. 3 primary. Altogether, funded by crypto industry figures and companies, the PAC has spent more than $1.3 million to support Deaton.
Ian Cain
Deaton is not the only Republican challenger to Warren. Ian Cain, co-founder of Qubic Labs, has made many statements on his personal X account suggesting that he supports crypto and blockchain technology.
Though FEC records showed the Republican candidate had only raised $390,000 for his campaign as of Aug. 14, he does have the endorsement of Wyoming Senator Cynthia Lummis, one of the more outspoken pro-crypto voices in Congress. It’s unclear why the Wyoming Senator backed Cain over Deaton.
“From the border to blockchain, Ian Cain understands the issues facing his community, and he will fight hard every day for the Commonwealth,” said Senator Lummis.
Source: Ian Cain
Elizabeth Warren
Elizabeth Warren, who has served in the US Senate since 2013, does not have a Democratic primary challenger for Sept. 3 and, according to polls, is favored to defeat any Republican candidate in November. There are other candidates, including Republican engineer Robert Antonellis, but all seem to be coming up short in terms of voter support and fundraising.
According to FEC records, Warren had raised more than $18 million for her reelection campaign as of Aug. 14. At the time of publication, there was less than 24 hours until ballot boxes opened in the Massachusetts primary and 64 days until the general election.
Related: ‘Flood of money’ from crypto Super PACs could fund potential challenger to Elizabeth Warren
During her time in office, the Massachusetts senator has openly criticized cryptocurrency for any association with illicit activities, including money laundering and drug trafficking. She introduced the Digital Asset Anti-Money Laundering Act, a bill “to require the Financial Crimes Enforcement Network to issue guidance on digital assets,” but support for the legislation seems to have ebbed and flowed in Congress as crypto becomes more of an issue in an election year.
Other lawmakers in the Democratic Party, including Senate Majority Leader Chuck Schumer, have pledged to vote in favor of legislation promoting innovation in the digital asset industry. The move came as many Democrats are pushing back against the public perception of the party as “anti-crypto,” in contrast to some Republicans like Donald Trump.
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