Tyler and Cameron Winklevoss, the famous crypto entrepreneurs, have generously contributed $4.9 million to the Fairshake super political action committee (PAC), which focuses on supporting candidates who are friendly towards cryptocurrencies in the forthcoming United States elections. The recent federal filings from the U.S. Federal Election Committee (FEC) and Fairshake, released on February 20, reveal that each of the Winklevoss twins donated $2.45 million to the super PAC. Impressively, Fairshake reported having $72.8 million in available funds at the end of the reporting period.
Fairshake’s notable donors in 2024 include Payward, the parent company of the renowned Kraken crypto exchange, which contributed $750,000 on January 12. Electric Capital Partners also made a significant donation of $500,000 on January 26, according to the official documents. Furthermore, venture capital firm Blockchain Capital contributed $100,000 in January. Previously, in December 2023, Fairshake received a collective sum of $14 million from prominent 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, as indicated by OpenSecrets.
Fairshake defines itself as an organization that supports candidates who are dedicated to establishing the United States as the hub for innovative individuals who are building the next generation of the internet. Given the growing scrutiny faced by the crypto industry from lawmakers and regulators due to numerous high-profile collapses in the past year and a half, many individuals within the crypto sector consider Fairshake to be a crucial player in the upcoming 2024 U.S. election. The objective of Fairshake is 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 13, a tracker for political advertisements exposed that Fairshake had spent an impressive $3.6 million to oppose anti-crypto California Senate candidate Katie Porter, which marks its largest expenditure to influence an election thus far. Additionally, on February 18, Senator Elizabeth Warren, a known critic of cryptocurrencies, stated that super PACs can spend whatever amount necessary to try to prevent her from running for the Senate.
The U.S. election in 2024 is scheduled for November, during which all 435 seats in the House of Representatives, 33 seats in the Senate, and the presidency will be up for grabs. The proposed crypto regulations in the United States are influenced by lawmakers’ fears and doubts, which is a driving force behind these regulations.