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Fairshake Receives $5M From Winklevoss Twins for Greater Crypto Adoption

Fairshake, a super PAC focused on shaping crypto regulation and policy, received a donation of $4.9 million from the Winklevoss twins.

Thu, 22 Feb 2024, 09:40 am UTC

Cameron and Tyler Winklevoss, the well-known twins and founders of the Gemini crypto trading platform, have donated $4.9 million to Fairshake, a super political action committee focused on crypto-related advocacy.

Support from Industry Players and Venture Capitalists

Fairshake has garnered significant financial backing from various entities within the crypto space, including major platforms like Coinbase, Ripple, and Kraken, as well as notable venture capitalists such as Marc Andreessen and Ben Horowitz.

These contributions underline the growing influence of the crypto industry in shaping political discourse and policy decisions.

The filings reveal that in January alone, the super PAC managed to raise an impressive $6.3 million, with a substantial portion attributed to the generous donation from the Winklevoss brothers. Their involvement underscores their commitment to advancing crypto innovation and advocating for responsible regulation.

Fairshake's Mission and Political Agenda

Fairshake, as articulated in its December announcement, aims to support political candidates who prioritize advancing blockchain technology and the digital asset sector.

According to Crypto Potato, the super PAC seeks to influence policy decisions that foster innovation and growth within the crypto ecosystem by channeling resources toward pro-crypto leaders.

Recently, Fairshake made headlines for its opposition to Democratic senate candidate Katie Porter, who has raised concerns about the energy consumption associated with crypto mining. The super PAC's decision to allocate significant funds towards opposing Porter underscores its proactive stance in defending the interests of the crypto industry.

Continued Influence in Political Financing

The involvement of crypto-forward groups in political financing is not a novel phenomenon.

According to CNBC, over a year ago, a report by CoinDesk revealed that FTX, a prominent crypto exchange, provided campaign support to many US senators and representatives.

However, the landscape shifted dramatically with the imprisonment of FTX's founder, Sam Bankman-Fried, on securities fraud and money laundering charges. These events highlight the complexities and evolving dynamics surrounding crypto's role in political finance.

Photo: Kanchanara/Unsplash

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