The Winklevoss twins, famous for their early involvement with Facebook, have long been supporters of cryptocurrencies and blockchain technology. They recently donated $4.9 million to Fairshake, a super PAC aimed at supporting political candidates in the upcoming 2024 US elections who have favorable views on cryptocurrencies.
This large donation comes from Tyler and Cameron Winklevoss’ funds, with each brother contributing $2.45 million. It represents one of the largest donations so far to Fairshake, which has amassed a $73 million war chest. Other major donors include cryptocurrency exchanges such as Kraken and venture capital firms like Andreessen Horowitz.
Fairshake plans to use these funds to support crypto-friendly candidates, both Republicans and Democrats, running for Congressional or Senate seats across the country. They also hope to oppose candidates who want to over-regulate or ban cryptocurrencies. For example, Fairshake has already spent $3.6 million running ads against Katie Porter, a Democratic Senate candidate in California who has criticized cryptocurrencies.
With anti-crypto politicians like Senator Elizabeth Warren vowing to fight groups like Fairshake, the stakes are high in the 2024 election. The donations from prominent figures in the crypto industry, like the Winklevoss twins, show how much the future prospects of cryptocurrency may depend on having political allies in Washington. By getting candidates elected who understand the potential of crypto, Fairshake aims to secure the US as an innovative hub for this next generation of financial technology.
