Winklevoss Twins Donate $4.9M to Crypto-Friendly Fairshake PAC Ahead of 2024 U.S. Election
Summary:
Tyler and Cameron Winklevoss have given $4.9 million to the cryptocurrency-focused Fairshake super political action committee (PAC), supporting crypto-friendly candidates for the upcoming U.S. elections. Fairshake, with a cash balance of $72.8 million, has received significant donations from major entities like Payward Inc., Electric Capital Partners, Blockchain Capital, a16z, Jump Crypto, Coinbase, and Ripple Labs. The PAC aims to combat cryptocurrency industry over-regulation by backing candidates open to crypto innovations. The PAC spent $3.6 million opposing anti-crypto Democratic candidate for the California Senate, Katie Porter. The 2024 U.S. election in November will decide all 435 seats in the House of Representatives, 33 Senate seats, and the presidency.
In a move to back cryptocurrency-supportive candidates for the upcoming U.S. elections, Tyler and Cameron Winklevoss have contributed $4.9 million to the crypto-centric Fairshake super political action committee (PAC). This detail is obtained from the US Federal Election Committee (FEC) and Fairshake's recent federal filings on February 20, showing that donations of $2.45 million each were made by the Winklevoss twins. The total cash balance of Fairshake at the end of the reporting period stood at $72.8 million. Some of the biggest contributors to Fairshake this year are Payward Inc., operating as the Kraken crypto exchange, and Electric Capital Partners, giving $750,000 and $500,000 respectively. Other recent benefactors to this special focus PAC include Blockchain Capital, a venture capital firm contributing $100,000 in January. In December, Fairshake received a combined sum of $14 million from crypto venture capitalists Marc Andreessen and Ben Horowitz of a16z, $5 million from Jump Crypto, $15.5 million from Coinbase, and $20 million from Ripple Labs, as reported by OpenSecrets. Fairshake presents itself as supportive of contenders who are dedicated to making the United States a pioneer for innovators creating the new web era. Many crypto industry insiders perceive Fairshake as a vital force for the 2024 U.S. election amid the increased attention cryptocurrency is drawing from lawmakers and regulatory bodies in the wake of several notable market failures in the past one and a half years. Fairshake’s mission is to combat the over-regulation of the crypto sector by sponsoring candidates who are friendly to cryptocurrency from both political ends in the U.S. On February 13, a political advertising monitor noted that Fiarshake had financed $3.6 million in opposition to anti-crypto Democratic candidate for the California Senate, Katie Porter, marking its largest expenditure for election influence to date. On February 18, Elizabeth Warren, a critic of crypto, stated that super PACs had the liberty to "spend whatever money was necessary" to halt her Senate run. The 2024 U.S. election is slated for November, with all 435 seats in the House of Representatives, 33 Senate seats, and the presidential office up for election.
Published At
2/21/2024 9:08:19 AM
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