With 57 days until the US election, Super PAC expenditure appears to ramp up in Massachusetts and nationwide.
The Commonwealth Unity Fund, a political action committee (PAC) primarily supported by contributions from the co-founders of Gemini and Ripple Labs, has spent over $600,000 to back Republican candidate John Deaton in the U.S. Senate race.
According to Federal Election Commission (FEC) filings on Sept. 6, the Commonwealth allocated approximately $330,000 on media buys opposing Democratic incumbent Elizabeth Warren in the Massachusetts Senate race.
The PAC also spent a similar amount on media placements supporting Deaton.
This marked one of the first major expenditures by a crypto-backed Super PAC since Deaton secured the Republican nomination for the Senate on Sept. 3. Supported by prominent figures in the crypto industry, including the Winklevoss twins and Kraken co-founder Jesse Powell, Deaton is running to unseat Sen. Warren, who has held her position as Massachusetts’ Democratic Senator since 2013.
Race to Control the U.S. Senate
Deaton, a lawyer who has defended Ripple and other crypto companies in legal battles with the U.S. Securities and Exchange Commission (SEC), has used his campaign to criticize the SEC and Sen. Warren for their perceived overreach regarding digital assets.
Warren has been vocal in her opposition to cryptocurrencies, linking them to criminal activities such as money laundering and drug trafficking.
Many Democrats are pushing back against this narrative to support presidential candidate and Vice President Kamala Harris.
FEC records indicate that the Commonwealth PAC has raised over $2.5 million to support Deaton’s campaign, while individual donors have contributed around $1.8 million directly to his campaign as of Aug. 14.
Meanwhile, since 2019, Sen. Warren has raised more than $18 million for her re-election bid.
Following Deaton’s primary victory, Warren’s campaign announced that she had agreed to two debates in October, while Deaton is pushing for five.
At present, the exact number and dates of these debates remain undecided.
Other crypto-funded PACs, such as Fairshake and its affiliates Defend American Jobs and Protect Progress, have also been spending large sums on attack ads and supportive media campaigns during both primary elections and the upcoming 2024 general election.
Fairshake has raised approximately $169 million from crypto and non-crypto donors, spending tens of millions in this election season.
