The cash disparity is especially noteworthy in the context of the crypto’s industry’s
massive outlay of campaign spending that’s outpaced other industries in the U.S. primaries. The Republican field included two strong crypto candidates in Deaton, who has weighed in on crypto’s battle with the U.S. Securities and Exchange Commission, and Ian Cain, who founded a startup incubator that cultivates blockchain projects.
The industry’s leading campaign-finance arm, the Fairshake political action committee, didn’t touch this race. Deaton did receive about $1.3 million in super-PAC support, but from a smaller Commonwealth Unity Fund, a PAC backed by crypto names including Ripple Labs, the Winklevoss brothers (Tyler and Cameron) and Phil Potter, a former Bitfinex and Tether executive.
That spending falls far short of the massive spending Fairshake and its affiliates have devoted to elevate its chosen, crypto-friendly candidates and to specifically defeat candidates who would be expected to follow in Warren’s footsteps, such as Rep. Katie Porter (D-Calif.), whose Senate campaign was opposed with about $10 million in Fairshake spending. Now that Deaton has the win, he may have a stronger argument for industry support.
Sporadic polling had left the GOP primary battle with little certainty as to an obvious frontrunner, though Deaton had the clear money lead among Republicans. For his primary run, Deaton was able to take in about $1.8 million in direct donations, including $1 million from his own pocket, according to the most recent public filings. Cain, who had been endorsed by noted crypto advocate Sen. Cynthia Lummis (R-Wyo.), had trailed with about $400,000 in direct giving to his campaign.