Tyler and Cameron Winklevoss have made a generous contribution of $4.9 million to the Fairshake super political action committee (PAC), which focuses on supporting candidates who are friendly towards cryptocurrencies in the upcoming United States elections. This information was revealed through data from the U.S. Federal Election Committee (FEC) and the most recent federal filings by Fairshake on February 20th. According to the filings, each of the Winklevoss twins donated $2.45 million to the super PAC. Furthermore, it was reported that Fairshake currently has $72.8 million in cash on hand at the end of the reporting period.
The largest contributors to Fairshake in 2024 include Payward, which operates as the Kraken crypto exchange and donated $750,000 on January 12th, and Electric Capital Partners, which donated $500,000 on January 26th. These details were disclosed in the documents. Additionally, venture capital firm Blockchain Capital donated $100,000 in January, making them another recent donor to the crypto super PAC.
According to OpenSecrets, Fairshake received a combined total of $14 million in December 2023 from crypto venture capitalists Marc Andreessen and Ben Horowitz of Andreessen Horowitz, $5 million from Jump Crypto, $15.5 million from Coinbase, and $20 million from Ripple Labs.
Fairshake’s mission is to support candidates who are dedicated to establishing the United States as a hub for innovators who are shaping the future of the internet. This is reflected in their choice of candidates to support.
As the crypto industry faces increased scrutiny from lawmakers and regulators following a series of high-profile collapses in the past year and a half, many within the crypto industry see Fairshake as a crucial player in the 2024 U.S. election. Fairshake aims to combat excessive regulation of the industry by endorsing candidates who are supportive of cryptocurrencies from both sides of the political spectrum in the United States.
On February 13th, it was revealed by a political advertising tracker that Fairshake had spent $3.6 million opposing the anti-crypto California Senate candidate Katie Porter. This represents the largest amount of money the super PAC has spent to influence an election thus far.
Additionally, on February 18th, Senator Elizabeth Warren, who has been critical of cryptocurrencies, stated that super PACs could spend unlimited amounts of money in an attempt to prevent her from running for Senate.
The 2024 U.S. election is scheduled for November, and it will determine the fate of all 435 seats in the House of Representatives, 33 seats in the Senate, and the presidency.
The proposed crypto regulations in the United States are being driven by lawmakers’ fear and doubt, as highlighted in this article.