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These Billionaires Committed $4.9 Million to Support Pro-Crypto Politicians

2 mins
Updated by Ali M.
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In Brief

  • Winklevoss twins donate $4.9 million to Fairshake PAC supporting pro-crypto politicians.
  • Crypto industry united by pledging over $78 million to back innovation-friendly leaders.
  • Fairshake PAC invests $1.2 million in ads, aiming to shape favorable regulatory policies.
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Billionaires Cameron and Tyler Winklevoss have donated $4.9 million to Fairshake. This super political action committee (PAC) champions pro-crypto politicians.

Their contribution underscores the crypto sector’s push for a regulatory environment that fosters innovation and ensures consumer safety.

How Crypto Industry Unites to Support Pro-Crypto Politicians

Along with the Winklevoss twins, Fairshake has garnered support from industry giants like Marc Andreessen and Ben Horowitz and companies such as Coinbase and Ripple Labs. According to Bloomberg, in January, the PAC’s funds grew by an additional $6.3 million, showcasing the industry’s commitment to backing crypto-friendly candidates.

As the 2024 elections approach, the crypto community rallies behind candidates who support innovation. Notably, Ripple CEO Brad Garlinghouse has pledged to back leaders who prioritize American leadership in crypto and blockchain.

This coalition, including Circle, Coinbase, and Kraken, has pledged a remarkable $78 million to Fairshake. Consequently, this marks a significant shift in the industry’s political engagement.

“Regulation would have killed the Internet. But thankfully, lawmakers and regulators didn’t know what it would become. And regulation would have killed crypto. But thankfully, regulators and lawmakers can’t kill it, no matter how hard they try,” Winklevoss said.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

Crypto PACs Pulling for Sensible Regulations

This sentiment is widespread, especially after the SEC’s actions against Coinbase and Binance.US. These legal challenges highlight the urgency for clear regulations that nurture innovation while protecting consumers.

Fairshake PAC has invested over $1.2 million in television advertisements to support crypto-friendly leaders. Thus, they aim to influence the political arena in favor of balanced crypto regulations, especially when it comes to stablecoins.

Number of times stablecoins mentioned in crypto lobbying disclosures. Source: Bloomberg
Number of times stablecoins mentioned in crypto lobbying disclosures. Source: Bloomberg

With $73 million in reserves as of February, the PAC is well-prepared for its mission.

The industry faces challenges, such as high-profile criminal cases and regulatory scrutiny. Therefore, Fairshake’s bipartisan support for pro-crypto Congress candidates is crucial. This effort seeks to mitigate regulatory pressures and promote a policy environment conducive to innovation.

Fairshake has actively opposed candidates like Democratic California Senate candidate Katie Porter. Simultaneously, it supports figures like Representative Patrick McHenry, who advocates for crypto regulation reforms. These actions highlight the PAC’s strategic role in shaping the political dialogue around cryptocurrency.

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Harsh Notariya
Harsh Notariya excels in delivering SEO-optimized crypto news under tight deadlines. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.