Winklevoss Twins Donate $4.9M to Crypto Super PAC

Winklevoss Twins, Tyler and Cameron contributed $4.9M to Fairshake to support crypto-friendly politicians in the upcoming US elections.

As part of their effort to lend their support to politicians who are supportive of cryptocurrencies in the forthcoming election in the United States, Tyler and Cameron Winklevoss (Winklevoss Twins) have contributed $4.9 million to the Super Political Action Committee (PAC) Fairshake, which is focused on cryptocurrencies.

A total of $2.45 million was contributed by each of the Winklevoss twins to the superPAC as indicated by the most recent federal disclosures by Fairshake and the Federal Election Committee (FEC) of the United States on February 20.

Fairshake reported a cash reserve of $72.8 million at the end of the period after the Winklevoss Twins donation. According to the paperwork, the two organizations that have contributed the most to Fairshake this year are Payward Inc., the cryptocurrency exchange known as Kraken, which gave $750,000 on January 12, and Electric Capital Partners gave $500,000 on January 26.

In January, Blockchain Capital a venture capital business contributed $100,000 to the cryptocurrency super PAC, becoming one of its recent donors.

According to OpenSecrets, $14 million was contributed to Fairshake by crypto venture capitalists Marc Andreessen and Ben Horowitz of a16z in December.

Additionally, Jump Crypto contributed $5 million, Coinbase contributed $15.5 million and Ripple Labs contributed $20 million. A candidate who is “committed to securing the United States as the home of innovators building the next generation of the internet” is the kind of candidate that Fairshake supports according to its description.

Many people in the cryptocurrency sector consider Fairshake to be an important participant in the run-up to the United States election in 2024.

This is because the cryptocurrency industry is coming under heightened scrutiny from lawmakers and authorities as a result of several high-profile collapses that have occurred over the past eighteen months.

Fairshake intends to combat industry overregulation by providing financial support to crypto-friendly candidates on both the left and right sides of the political spectrum in the United States, Fairshake intends to combat the excessive regulation of the industry.

An advertising tracker for political campaigns disclosed on February 13 that Fairshake had spent $3.6 million to oppose Katie Porter, a Democratic candidate for the California Senate who is opposed to cryptocurrency.

This was Fairshake’s largest expenditure to date to influence an election. Elizabeth Warren, a skeptic of cryptocurrencies stated on February 18 that super PACs could “spend any amount of money needed” to prevent her from running for the Senate.

The election for the United States of America is set to take place in November 2024. The election will include all 435 members in the House of Representatives and 33 seats in the Senate, and the presidency is up for grabs.