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Winklevoss Twins Donate $4.9 Million To Crypto Lobby Group

Yolowire - Thu Feb 22, 8:50AM CST

Billionaire twin brothers Cameron and Tyler %Winklevoss have donated $4.9 million U.S. to %Fairshake, a %Cryptocurrency super political action committee (Super PAC) that has a stated goal to influence elections in America.

The Fairshake super PAC has previously received millions of dollars from other organizations involved in crypto, including venture capitalists Marc Andreessen and Ben Horowitz, and companies such as %Coinbase (COIN) and %RippleLabs ($XRP).

The Winklevoss brothers co-founded crypto exchange Gemini and became billionaires after investing in %Bitcoin ($BTC) more than a decade ago.

By some estimates, the super PAC has raised close to $75 million U.S., money it will use to influence the upcoming presidential election, as well as lobby for friendly crypto legislation in Washington, D.C.

The cryptocurrency industry has come under fire from lawmakers in the U.S. ever since the FTX crypto exchange went bankrupt in November 2022.

The U.S. Securities and Exchange Commission (SEC) continues to push for greater oversight of the crypto sector, both on Wall Street and in Congress.

Fairshake says that it plans to support pro-crypto political candidates from both the Republican and Democratic parties in Congress.

The group says that it opposes measures that would curb the trade in cryptocurrencies.

So far, Fairshake has spent more than $3.5 million U.S. opposing Democratic California Senate candidate Katie Porter, who is a critic of cryptocurrencies.

The Super Pac has also spent money supporting numerous congressional and senate candidates that are supportive of crypto and trading in the digital assets.

Paid Post: Content produced by Yolowire. The Globe and Mail was not involved, and material was not reviewed prior to publication.

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