Winklevoss Brothers Donate $4.9M to Crypto Super PAC Fairshake

UTC by Chimamanda U. Martha · 3 min read
Winklevoss Brothers Donate $4.9M to Crypto Super PAC Fairshake
Photo: Shutterstock

The PAC also received financial donations from industry giants last year, including Coinbase and Ripple.

Tyler and Cameron Winklevoss, co-founders of the crypto exchange Gemini and American investors known for their early adoption of Bitcoin (BTC), have once again made headlines with their political donation to Fairshake, a super PAC dedicated to supporting crypto-friendly candidates in the upcoming United States elections.

The twins, who were involved in a legal dispute with Mark Zuckerberg over the creation of Facebook, made a combined donation of $4.9 million to Fairshake to support crypto candidates vying for political offices.

Fairshake Secures $72.8M in Donations

According to a recent filing with the United Federal Election Committee (FEC)  on February 20, each of the twins made a separate donation of $2.45 million to the PAC.

The donation has placed the Winklevoss brothers among the top benefactors of the PAC, which announced having a robust $72.8 million in cash reserves at the close of the reporting period.

The commitment of the Winklevoss twins to Fairshake underscores the crypto community’s endeavor to ensure a regulatory environment conducive to innovation and growth within the United States.

The twins entered the industry after their 2008 feud with Mark Zuckerberg, which resulted in a legal settlement amounting to $65 million. They used part of the funds to purchase BTC and launched Gemini, which is rated among the top crypto exchanges in the industry.

The move marked their entrance into the emerging economy. The Winklevoss brothers have further strengthened their foothold with the recent donation to Fairshake to support crypto candidates in November’s upcoming elections.

The PAC distinguishes itself by endorsing candidates dedicated to fostering an ecosystem where the next internet evolution can flourish, free from undue regulatory burdens.

This year, Fairshake has attracted donations from notable entities within the crypto sphere. Some of these contributors include Payward Inc, known for operating the Kraken crypto exchange, which donated $750,000 to the PAC in January.

That same month, Electric Capital Partners supported the PAC’s mission with $500,000. Additionally, Blockchain Capital, a venture capital firm, also joined the roster of donors with a $100,000 contribution.

Fairshake Receives Financial Support from Crypto Companies

The PAC also received financial donations from industry giants last year, including Coinbase and Ripple Labs, a blockchain infrastructure company. Marc Andreessen and Ben Horowitz of the venture capital firm a16z donated $14 million to Fairshake towards the end of 2023.

Other companies, such as Jump Crypto and Coinbase, supported the PAC with $5 million and $15.5 million, respectively. Ripple was the largest contributor, donating $20 million to Fairshake to aid its mission.

These generous donations highlight the concerted effort by key players in the industry to address the increasingly strict regulatory environment, which has become more challenging due to a number of significant setbacks within the industry.

Altcoin News, Cryptocurrency News, News
Related Articles