Crypto Politics Intensify as Elon Musk Throws Support Behind ProXRP Senate Candidate
Elon Musk and Brian Armstrong Throw Support Behind John E. Deaton in Massachusetts Senate Race
In an unexpected turn of events, Tesla CEO Elon Musk and Coinbase CEO Brian Armstrong have publicly endorsed John E. Deaton in his campaign for the Massachusetts Senate seat. Deaton, who previously represented 75,000 XRP holders in the SEC vs. Ripple case, is going head-to-head with Senator Elizabeth Warren, a well-known critic of cryptocurrencies.
Armstrong kickstarted the endorsement by urging Massachusetts residents to vote for Deaton, criticizing Senator Warren for her role in appointing SEC Chair Gary Gensler and his subsequent aggressive approach to crypto regulation. Taking to social platform X, Armstrong stated, “Crypto holders in MA should realize Senator Warren is the one who got Gary Gensler his job and encouraged him to (unlawfully) try and kill the crypto industry in America.”
The political landscape has become even more intricate with Ripple co-founder Chris Larsen’s announcement of a $10 million XRP donation to Vice President Kamala Harris’s election campaign. Larsen emphasized the need for Democrats to embrace a new approach to technological innovation, stating, “I believe Kamala Harris will ensure that American technology dominates the world.”
During a recent debate between Deaton and Warren, the incumbent senator caught observers off guard by expressing conditional openness to digital assets, as long as the industry adheres to regulations similar to traditional financial institutions. Deaton countered by arguing that there are already sufficient regulations in place, suggesting that Warren’s policies could potentially harm working-class Americans.
These political developments have had an impact on the market performance of XRP, which is currently trading at $0.5455 as of October 22. The total crypto market cap has seen a decline of 2.22% to $2.282 trillion, although XRP has shown relative stability despite ongoing uncertainty surrounding the SEC’s appeal strategy in the Ripple case.
Speaking at a town hall in Pittsburgh, Musk addressed the broader implications of cryptocurrency, stating, “I do think that cryptocurrency is an interesting and probably valuable bulwark against centralized control.” While he did not specifically endorse XRP, he emphasized the role of crypto in promoting individual freedom.
The SEC’s appeal timeline in the Ripple case extends to January 2025, assuming the agency files for a 30-day extension. The regulatory outcome could be significantly influenced by the upcoming presidential election, with Donald Trump pledging to dismiss SEC Chair Gensler if elected. Betting site Polymarket shows an increased probability of Trump winning at 64.1% as of October 22, although national polls indicate a 1.8-point lead for Harris.
Ripple CEO Brad Garlinghouse has stressed the importance of bipartisan support for pro-crypto policies, stating, “It’s not about party lines; it’s about championing policies that drive blockchain and crypto innovation.” This sentiment resonates across the industry as cryptocurrency increasingly becomes a focal point in political discourse.
Currently, XRP is trading below both its 50-day and 200-day EMAs, with a 14-day RSI reading of 46.89. Technical analysis suggests the potential for movement toward the $0.5739 resistance level if market conditions improve, while downside risk remains at the $0.50 support level.
The Massachusetts Senate race has emerged as a crucial battleground for crypto policy, with Senator Warren defending her regulatory stance while Deaton positions himself as an advocate for innovation and balanced oversight.
