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Winklevoss Twins Donate $4.9M to PAC Supporting Pro-Crypto Candidates

Last Updated February 21, 2024 8:35 AM
Teuta Franjkovic
Last Updated February 21, 2024 8:35 AM
By Teuta Franjkovic
Verified by Peter Henn

Key Takeaways

  • The Winklevoss twins donated to the Fairshake super PAC.
  • Fairshake is positioned to challenge anti-crypto candidates and promote a crypto-friendly legislative environment.
  • The PAC’s financial resources underline the crypto community’s efforts to shape a favorable regulatory landscape in the 2024  election.

Tyler and Cameron Winklevoss have donated  $4.9 million to Fairshake, a crypto-focused super political action committee (PAC).

With a $73 million war chest, Fairshake, backed by heavyweights like Coinbase and a16z, aims to challenge anti-crypto candidates and endorse those who advocate for digital assets.

Winklevoss Twins Back Crypto Advocacy with $4.9M Donation

In a move to influence the political landscape, Tyler and Cameron Winklevoss have collectively donated $4.9 million to Fairshake. This contribution means the twins appear to be making a commitment to advancing the crypto industry’s interests at a legislative level.

Details  from the US Federal Election Committee (FEC) and Fairshake federal filings reveal both twins contributed $2.45 million to the PAC.

Moreover, Fairshake’s financial reports  indicate a robust financial standing. The fund had $72.8 million in cash reserves as of the end of the reporting period. This, therefore, positions the PAC as a political force, equipped to support candidates who align with the crypto community’s vision and to oppose those who are perceived as anti-crypto.

The Winklevoss twins’ donation does not just amplify their influence in shaping the future of cryptocurrency regulation. It also signals the growing importance of digital assets in American politics.

Major Donations from Kraken and Electric Capital Partners

Fairshake has secured  significant financial support from leading industry players, as revealed by recent documents. Payward Inc., better known as the operator of the Kraken cryptocurrency exchange, made a donation of $750,000 on January 12.

Following that, Electric Capital Partners, a key investor in the digital asset space, contributed $500,000 on January 26. These contributions underscore the crypto sector’s active engagement in shaping a favorable regulatory environment.

Winklevoss payment
Credit: FEC

Fairshake PAC Boosted by Contributions from Leading Crypto Firms

The crypto-focused super PAC continues to attract support from key players  in the digital asset and venture capital arena. For example, Blockchain Capital, a venture capital firm with ties to crypto, contributed $100,000 in January.

This follows a remarkable December during which Fairshake received major donations from industry heavyweights. During that month, it got $14 million from a16z co-founders Marc Andreessen and Ben Horowitz and $5 million from Jump Crypto. It also received  $15.5 million from Coinbase and $20 million from Ripple Labs, as reported by OpenSecrets.

Fairshake positions itself as a champion for candidates dedicated to establishing the United States as a nurturing ground for crypto. These financial injections reflect the cryptocurrency industry’s commitment to influencing policy decisions that favor the growth and acceptance of digital assets.

Fairshake PAC Emerges as Key Influencer in 2024 US Election

As the 2024 US election approaches, Fairshake is increasingly recognized as a force within the cryptocurrency industry, which is currently navigating through intensified scrutiny by lawmakers and regulators after several notable failures in the past year and a half. With a strategic focus on combating excessive regulatory measures, Fairshake is actively supporting candidates sympathetic to crypto, representing both major political parties in the United States.

Recent reports highlight Fairshake’s significant financial commitment. For instance, it has spent $3.6 million in a bid to oppose Katie Porter, an anti-crypto Democrat running for a California Senate seat. This marks the PAC’s largest investment to date in an effort to sway election outcomes. Additionally, crypto critic Senator Elizabeth Warren voiced concerns on February 18 about the potential for super PACs like Fairshake to deploy unlimited resources against her campaign efforts.

The 2024 election will decide the future of all 435 House seats, 33 Senate seats, and the Presidency. It looks like Fairshake could have a role. In turn, this means crypto wants to do its best to influence policy.

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