The Winklevoss twins, known for founding the Gemini crypto exchange, have thrown their financial weight behind crypto-friendly candidates in the upcoming US elections. Each brother donated $2.45 million to the Fairshake super PAC, bringing their total contribution to $4.9 million.
Fairshake, a major force in the crypto-political landscape, boasts a war chest of $72.8 million. Other notable donors include Kraken ($750,000), Electric Capital ($500,000), and Andreessen Horowitz ($14 million combined).
This injection of funds fuels Fairshake’s mission to support candidates “committed to securing the United States as the home to innovators building the next generation of the internet.” With the crypto industry facing regulatory scrutiny and recent market turmoil, Fairshake seeks to combat potential over-regulation through backing crypto-friendly politicians.
Their largest campaign expenditure so far ($3.6 million) targets California Senate candidate Katie Porter, known for her critical stance on crypto. This highlights the potential influence of super PACs, a concern raised by Senator Elizabeth Warren who fears such groups could sway elections.