Loading...

Winklevoss Twins’ $4.9M donation rocks the crypto-political landscape

TL;DR

  • According to the US Federal Election Commission (FEC) and Fairshake’s most recent federal filings, the Winklevoss twins each donated $2.45 million to the Super PAC on February 20. 
  • Fairshake, a political action committee backed by Coinbase and a16z, has a $73 million war chest to take down anti-crypto candidates and promote those for digital assets.
  • Fairshake advertises itself as backing candidates who “are committed to making the United States home to the innovators building the next generation of the Internet.

The Winklevoss twins, Cameron and Tyler, renowned figures in the crypto space and co-founders of Gemini exchange, have made headlines by donating $4.9 million to Fairshake, a crypto-focused super political action committee (PAC). This substantial contribution underscores their commitment to advancing cryptocurrency-friendly policies and supporting candidates sympathetic to the digital asset industry.

Winklevoss Twins drop massive $4.9M bombshell on Fairshake

Tyler and Cameron Winklevoss (also known as the Winklevoss Twins), co-founders of the crypto exchange Gemini and American investors known for their early adoption of Bitcoin (BTC), have made headlines once more with their political donation to Fairshake, a super PAC dedicated to supporting crypto-friendly candidates in the upcoming US elections.

The Winklevoss twins, who were involved in a court fight with Mark Zuckerberg over the establishment of Facebook, donated a total of $4.9 million to Fairshake to promote cryptocurrency candidates running for political office.

The Winklevoss twins each donated $2.45 million to the super PAC, according to statistics from the US Federal Election Committee (FEC) and Fairshake’s most recent federal filings, which were filed on February 20.

In addition, Fairshake reported $72.8 million in cash on hand at the end of the reporting period.

According to the records, Fairshake’s greatest donors in 2024 will be Payward, formerly known as the Kraken crypto exchange, who donated $750,000 on January 12, and Electric Capital Partners, who donated $500,000 on January 26.

The Winklevoss twins’ commitment to Fairshake highlights the crypto community’s efforts to create a regulatory framework conducive to innovation and growth in the United States.

The twins entered the sector following their 2008 fight with Mark Zuckerberg, which culminated in a legal settlement of $65 million. They used some of the funds to buy Bitcoin and create Gemini, which is regarded as one of the industry’s top crypto exchanges.

The move signaled their entry into the emerging economy. The Winklevoss brothers bolstered their position with a recent gift to Fairshake to support crypto candidates in the upcoming November elections.

Fairshakes play in crypto and politics

Fairshake identifies its mission as supporting politicians “committed to making the United States home to the innovators building the next generation of the Internet.” Fairshake supports both presidential candidates and regional legislators. 

The majority of the project’s finances were recently allocated to support Patrick McHenry, chairman of the United States House of Representatives’ Financial Services Committee. However, the politician promptly declared his retirement in 2025. It is not clear whether he repaid the monies to the fund.

Last year, the PAC received financial contributions from industry giants like as Coinbase and Ripple Labs, a blockchain infrastructure business. Marc Andreessen and Ben Horowitz of the startup capital firm a16z contributed $14 million to Fairshake around the end of 2023.

Other companies, including Jump Crypto and Coinbase, contributed $5 million and $15.5 million, respectively. Ripple made the greatest contribution, providing $20 million to Fairshake to support its purpose.

These generous donations underscore important industry actors’ collaborative efforts to handle the increasingly stringent regulatory environment, which has become more difficult due to a series of notable setbacks within the industry.

Recent reports have highlighted Fairshake’s huge financial contribution. For example, it spent $3.6 million opposing Katie Porter, an anti-crypto Democrat seeking a California Senate seat. 

This is the PAC’s largest spend to date in an effort to influence election results. Senator Elizabeth Warren, a crypto critic, also expressed alarm on February 18 about the potential for super PACs like Fairshake to use unlimited money against her campaign.

The 2024 election in the United States is set for November, with all 435 seats in the House of Representatives, 33 in the Senate, and the presidency up for grabs.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Share link:

Florence Muchai

Florence is a crypto enthusiast and writer who loves to travel. As a digital nomad, she explores the transformative power of blockchain technology. Her writing reflects the limitless possibilities for humanity to connect and grow.

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

VanEck predicts Ethereum layer 2s to be worth $2t by decade's end
Cryptopolitan
Subscribe to CryptoPolitan