In a recent development for the XRP community, Ripple Labs has donated $1 million to the Commonwealth Unity Fund, a super political action committee (PAC) founded by pro-crypto lawyer James Murphy, also known as MetaLawMan. This PAC is dedicated to unseating Senator Elizabeth Warren, a vocal critic of the cryptocurrency industry, and electing John Deaton, a well-known advocate for XRP, to the Senate.
Read on to unpack the latest developments and what they might mean for the future of digital assets.
According to FOX Business journalist Eleanor Terrett, Ripple’s hefty contribution to the Commonwealth Unity Fund shows the company’s strategic intent to sway U.S. politics in favor of the cryptocurrency sector. Murphy, who founded the PAC, has emphasized the critical nature of this election for shaping the future of cryptocurrency regulation.
He has personally contributed $50,000 to the PAC and is rallying the crypto community to back Deaton’s Senate bid to end years of SEC interference. Ripple executives Brad Garlinghouse and Chris Larsen also backed Deaton with the maximum $6,600 campaign contribution in April. By that time, Deaton had raised $1.26 million, predominantly from crypto enthusiasts, as reported by Politico.
Warren’s Fundraising Power
In contrast, Senator Warren’s fundraising efforts have been robust. She amassed over $1.1 million in the first quarter from 29,622 donors and 51,888 contributions, with an overwhelming 99 percent of donations under $100. Her average donation was $22, and her campaign boasts a total war chest exceeding $4.4 million.
The Commonwealth Unity Fund has accumulated $1,050,020 in donations, with $909,405 still available as of June 30. This financial backing is pivotal for mounting a successful challenge against Senator Warren’s stance on cryptocurrency regulations.
In the crypto market, XRP’s price has experienced a notable increase, trading at $0.54—up 3% in the past 24 hours. This surge follows the Chicago Mercantile Exchange (CME) and CF Benchmarks’ announcement of new reference rates and real-time indices for XRP, sparking speculation about a potential XRP ETF. Additionally, Ripple CEO Brad Garlinghouse has hinted at promising developments regarding a spot ETF, further stoking investor enthusiasm.
XRP’s recent price rally is also attributed to the broader market anticipation surrounding the upcoming Ethereum ETF and the overall positive sentiment in the crypto space. With trading volumes rising and a 56% increase in the past 24 hours, XRP’s performance reflects growing optimism among traders and investors.
Will Ripple’s million-dollar bet pay off? Only time will tell.
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