At the Bitcoin 2024 conference in Nashville yesterday, John Deaton, a Republican candidate for the U.S. Senate seat in Massachusetts, announced that 82% of his net worth is invested in Bitcoin.
“I just disclosed to the Federal Election Commission that my net worth, 82% is in Bitcoin,” said Deaton, highlighting his commitment to cryptocurrency while addressing the audience.
Deaton underscored his differing views from Senator Elizabeth Warren which he aims to unseat. He referenced a 2022 interview in which Warren expressed support for a central bank digital currency (CBDC), illustrating a stark contrast in their perspectives on financial regulation and digital assets.
As an active supporter of the cryptocurrency industry, Deaton has filed several amicus briefs in favor of crypto firms entangled in legal battles with the U.S. Securities and Exchange Commission. His advocacy has earned him substantial support within the crypto community.
However, Deaton faces a challenging campaign. A YouGov poll from May 30 indicated that Senator Warren holds a lead of more than 20 points over him.
Adding to the competition, Senator Cynthia Lummis of Wyoming, a well-known crypto advocate, has recently endorsed another Republican candidate, Ian Cain, for the Massachusetts Senate seat.
Deaton, Cain, and engineer Robert Antonellis will compete in the Massachusetts Republican primary on September 3. The winner of this primary will go on to face Senator Warren in the general election on November 5.
Nevertheless, Deaton’s campaign has received backing from influential figures in the crypto industry. In July, Ripple donated $1 million to the Commonwealth Unity Fund political action committee to support Deaton’s bid against Warren.