Sen. Elizabeth Warren Accuses Crypto PACs of Funding Ad Blitz, Calls Out Winklevoss Twins

• Sen. Elizabeth Warren is crying foul over pro-crypto ads.
• Crypto stakeholders quickly called her out on her dishonesty and past anti-crypto stance.
• Warren is running for a third senate term, facing a pro-crypto candidate.

Senator Elizabeth Warren is calling out the crypto industry’s biggest backers, including twins Cameron and Tyler Winklevoss, for using political action committees (PAC) to funnel millions of dollars into the campaigns of pro-crypto candidates like her rival, John Deaton.

The Massachusetts Democrat’s rebuke is the latest salvo in her long-running effort to rein in the industry’s influence in Washington, as she seeks re-election and tech titans try to shape the future of digital assets.

Elizabeth Warren Cries Foul 

In a scathing campaign email, Sen. Warren accused pro-crypto PACs of waging a disinformation campaign against her, fueled by six-figure ad buys that she claims are deliberately designed to muddy the waters around her record on digital assets.

The email singled out the Winklevoss twins, founders of the Gemini crypto exchange, as part of the alleged ad campaign, which it claimed was designed to discredit Warren’s efforts to establish what she calls “fair regulation” to protect working people.

Winklevoss and Deaton Calls Out Warren For Dishonesty

In response to Sen. Warren’s allegations, Tyler Winklevoss took to X  to denounce her claims, labeling them “dishonest” and accusing her of waging a concerted campaign against the crypto industry.

The Gemini co-founder urged the crypto community to vote for Deaton in the coming election and to “end the madness.”

Sen. Warren’s rival, Deaton, also weighed in on X , calling out the senator for her alleged dishonesty throughout her tenure, particularly with regard to her stance on digital assets.

While Sen. Warren has claimed to be working towards progressive crypto regulations, Deaton pointed out that she had helped fabricate the sworn testimony of the Securities and Exchange Commission (SEC) chief, Gary Gensler.

The backlash against Sen. Warren extended beyond Winklevoss and Deaton, with several others in the crypto industry taking to social media to express their outrage over her claims.

One X user wrote  that Sen. Warren had declared war on crypto and was now trying to pivot, saying,

“Liz can’t pivot on crypto. It’s been her biggest talking point. So, now she’s got no choice but to spin a word salad and narrative that all these smart people in the crypto sector misunderstand her agenda. Laughable.”

Others reminded  her that she has done nothing for crypto except crack down on and shut down users’ bank accounts.

Warren’s Anti-Crypto Rhetoric

Sen. Warren’s legislative record on crypto has not been without controversy. Her approach to regulating the industry has raised concerns among some stakeholders.

Despite serving two terms in the Senate, Warren has yet to pass meaningful legislation to safeguard crypto users and has instead advocated for outright bans on certain uses of the technology and policies that many in the industry deem regressive.

To many in the industry, Warren is a nemesis who has consistently proved herself hostile to their interests.

Critics argue that her fixation on reining in the crypto market is a worrisome symptom of a broader trend towards overregulation, one that threatens to snuff out innovation and entrepreneurialism in the sector.

As a result, many firms and advocacy groups are now mobilizing to counter her legislative efforts through aggressive lobbying and public education campaigns.

In 2024, the crypto industry has invested heavily in supporting preferred candidates, with corporate donations surging by 3000% this election season and accounting for 48% of all political donations.

About the Author

Prashant Jha

Prashant Jha is a crypto-journalist focused on the US and UK markets, his interests lie in blockchain technology and crypto adoption across emerging economies.

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