Fairshake Crypto Super PAC Secures $4.9 Million from Winklevoss Twins
Fairshake, the crypto super political action committee (PAC), has recently obtained $4.9 million in funding from billionaire twins Cameron Winklevoss and Tyler Winklevoss, according to federal filings submitted to the Federal Election Commission. This comes after previous fundraising efforts that involved venture capitalists such as Marc Andreessen and Ben Horowitz. In January, Fairshake raised an additional $6.3 million from prominent crypto firms like Coinbase Global Inc. and Ripple Labs.
Can Crypto Super PACs Influence 2024 Elections?
As of February 2023, Fairshake had amassed a substantial $85 million in cash reserves, having spent just over $225,000 the previous month. On the other hand, affiliated super PACs Protect Progress and Defend American Jobs PAC experienced minimal activity, raising no funds and making minor expenditures. Together, they ended January with a combined $8 million in cash on hand.
Fairshakeโs primary objective is to influence regulatory decisions by supporting pro-crypto candidates from both major political parties. While recognizing the importance of regulations promoting transparency and fraud prevention, Fairshake opposes excessively restrictive measures that may impede cryptocurrency trading.
Fairshake Expenditures to Combat Regulatory Action
Since its launch last year, Fairshake has raised funds from 20 influential players in the crypto industry and has spent over $1 million on TV advertisements while endorsing specific lawmakers.
- Fairshake allocated a significant $3.6 million to oppose Democratic California Senate candidate Katie Porter, marking its largest expenditure in an election campaign so far.
- The group has also made substantial six-figure investments in supporting Republican Representative Patrick McHenry from North Carolina, despite his decision not to seek reelection.
- Fairshake has backed other representatives such as Dusty Johnson of South Dakota (Republican), Josh Gottheimer of New Jersey (Democrat), and Tom Emmer of Minnesota (Republican).
Hot Take: Fairshakeโs Financial Resources in the Face of Regulatory Scrutiny
The significant financial resources accumulated by Fairshake are crucial for the crypto industry, which is currently under increasing scrutiny from the US government. Recent events, including the FTX collapse and the crackdown on Binance, have drawn attention from regulatory bodies like the US Securities and Exchange Commission and have led to calls for stricter oversight from congressional members.
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