Crypto

Elon Musk Endorses Pro-XRP Senate Candidate as Crypto Politics Heat Up

8 hours ago
Bitcoin Ethereum News

TLDR:

  • Elon Musk and Brian Armstrong endorse John E. Deaton for Massachusetts Senate seat
  • Deaton faces anti-crypto Senator Elizabeth Warren in upcoming election
  • XRP price hovering around $0.54 amid political developments
  • Ripple co-founder donates $10M in XRP to Kamala Harris campaign
  • SEC appeal timeline extends to January 2025 with potential extension

Tesla CEO Elon Musk has publicly endorsed John E. Deaton’s bid for the Massachusetts Senate seat, currently held by crypto critic Elizabeth Warren. The endorsement came as Musk expressed agreement with Coinbase CEO Brian Armstrong’s support for Deaton, who previously represented 75,000 XRP holders in the SEC vs. Ripple case.

Armstrong initiated the endorsement by urging Massachusetts residents to vote for Deaton, criticizing Senator Warren’s role in appointing SEC Chair Gary Gensler and his subsequent approach to crypto regulation. “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,” Armstrong stated on social platform X.

The political landscape has grown more complex 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 adopt a new approach to tech 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 surprised observers by expressing conditional openness to digital assets, provided the industry follows regulations similar to traditional financial institutions. Deaton countered by arguing that sufficient regulations already exist, suggesting Warren’s policies potentially harm working-class Americans.

The political developments have influenced XRP’s market performance, with the cryptocurrency trading at $0.5455 as of October 22. The total crypto market cap has seen a 2.22% decline to $2.282 trillion, though XRP has shown relative stability despite ongoing uncertainty surrounding the SEC’s appeal strategy in the Ripple case.

Speaking at a Pittsburgh town hall, Musk addressed cryptocurrency’s broader implications, stating, “I do think that cryptocurrency is an interesting and probably valuable bulwark against centralized control.” While not specifically endorsing XRP, he emphasized crypto’s role 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 having pledged to dismiss SEC Chair Gensler if elected. According to betting site Polymarket, Trump’s chances of winning have increased to 64.1% as of October 22, though national polls show Harris leading by 1.8 points.

Ripple CEO Brad Garlinghouse has emphasized 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 echoes across the industry as cryptocurrency increasingly becomes a focal point in political discourse.

XRP currently trades below both its 50-day and 200-day EMAs, with a 14-day RSI reading of 46.89. Technical analysis suggests potential 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 Warren defending her regulatory stance while Deaton positions himself as an advocate for innovation and balanced oversight.

Source: https://blockonomi.com/elon-musk-endorses-pro-xrp-senate-candidate-as-crypto-politics-heat-up/