HomeBitcoinCardano Chief Backs XRP Lawyer Deaton With Max Donation

Cardano Chief Backs XRP Lawyer Deaton With Max Donation

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Charles Hoskinson, the founder of Cardano, has announced a maximum legal donation of $3,300 to John Deaton, a lawyer and crypto advocate, who is running for the United States Senate. Hoskinson’s support is aimed at Deaton’s campaign against incumbent Senator Elizabeth Warren in the US state Massachusetts. This financial backing underscores the growing political engagement of the crypto sector in legislative battles.

Cardano Founder Supports John Deaton

Hoskinson shared his decision on X, stating, “I just donated the maximum amount allowed for John Deaton in his fight against Elizabeth Warren for Senate. We need people willing to take on the establishment against banks writing our laws and destroying the Crypto industry.” This statement highlights the deepening rift between the crypto community and the Biden administration, represented by figures like Senator Warren.

Deaton, acknowledging Hoskinson’s contribution, expressed his gratitude through a reply email, emphasizing the importance of support for his campaign: “Charles, thank you for your generous contribution to my campaign for the US Senate. With your support, I am one step closer to success in November…If I could do it alone I would, but victory in November will only be possible with the help of friends like you.”

The political landscape for the crypto industry has been fraught with challenges, particularly with the scrutiny from regulators and lawmakers. Deaton, a prominent figure in the crypto legal space, notably for his support of XRP, is positioning himself as a pro-crypto candidate, aiming to bring a fresh perspective to the Senate, particularly on issues affecting the crypto industry.

Hoskinson and Deaton’s collaboration marks a significant moment, given their past disagreements over the so-called “ETH Gate” controversy. Despite their differences, their united front against perceived regulatory overreach signifies a broader coalition forming within the crypto space to address legislative and regulatory challenges.

Deaton’s campaign has gained momentum, drawing support not only from Hoskinson but also from other influential figures in the crypto world, including Caitlin Long, founder of Custodia Bank. Long’s enthusiasm for Deaton’s candidacy was evident when she announced her role in introducing him at the ETH Denver event, encouraging the crypto community to support his campaign.

This development comes at a time when the cryptocurrency industry is increasingly recognizing the need for direct political engagement to safeguard its interests and foster a more favorable regulatory environment. With the 2024 elections on the horizon, the support from Hoskinson and others in the crypto industry for Deaton’s Senate bid underscores the sector’s growing political influence and its determination to challenge the status quo.

At press time, Cardano traded at $0.785.

Cardano price
Cardano price eyes the 0.236 Fib, 1-week chart | Source: ADAUSD on TradingView.com

Featured images from YouTube, chart from TradingView.com

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