Home Blockchain Winklevoss Twins Back Crypto-Friendly Politicians, Donate $4.9M

Winklevoss Twins Back Crypto-Friendly Politicians, Donate $4.9M

Winklevoss Twins Back Crypto-Friendly Politicians, Donate $4.9M

Sujha Sundararajan

Last updated:

| 1 min read

Winklevoss Twins

Source: Midjourney

Gemini founders Cameron and Tyler Winklevoss have sent $4.9 million to crypto super political action committee (PAC), federal filings reveal.

According to the Federal Election Commission filings, Fairshake, a crypto super PAC has raised millions of funds from key crypto players and venture capitalists including a16z, Coinbase, Ripple Labs, among others. In January, the committee received $6.3 million, a Bloomberg report read.

The contribution shows crypto sector’s support in furthering initiatives within the crypto industry and spearhead paths towards responsible regulation.

Each of the Winklevoss Twins have contributed a sum of $2.45 million to the PAC, the filings added. Furthermore, Cameron Winklevoss wrote in X (Twitter) that regulators cannot kill crypto, no matter what.

“Regulation would have killed the Internet. But thankfully, lawmakers and regulators didn’t know what it would become. And regulation would have killed crypto. But thankfully, regulators and lawmakers can’t kill it, no matter how hard they try.”

This year, Fairshake received funds from Kraken crypto exchange’s parent company, Payward Inc., which gave $750,000 on January 12. Following this, Electric Capital Partners donated $500,000 on January 26.

In December 2023, super PAC Fairshake amassed $78 million from crypto leaders including Coinbase CEO Brian Armstrong, Circle and more. The funds were used to support “pro-crypto” candidates in the forthcoming 2024 US elections.

The Winklevoss Twins have invested in dozens of startups, however, while their crypto fervor grew, they also began leaning into riskier investments. In June 2023, the crypto billionaires were sued by investors over their interest-earning program Gemini Earn.

Crypto Community Rallies Behind Pro-Crypto Politicians

Crypto firms have stepped up political donations to show their support for pro-crypto politicians. This comes at a time when the industry remains pressured by a US government crackdown that began last year.

Around 30 senators from both the parties are reported to stand against crypto and its developments, per a recent data. The data further revealed that at least 18 senators in the United States are currently supportive of crypto.

However, political swipes against crypto have risen in recent months, particularly from Senators like Elizabeth Warren. She has repeatedly categorized crypto assets as a tool for money laundering and terrorist financing. Warren has been a longstanding advocate of cracking down on the cryptocurrency industry. Particularly after reports surfaced that Hamas had access to crypto wallets leading up to their October attack on Israel.

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