TLDR
- The Winklevoss twins each donated $500,000 in Bitcoin to John Deaton’s campaign against Senator Elizabeth Warren.
- They view Warren as a major threat to crypto and American prosperity.
- This donation follows a $2 million Bitcoin donation to Donald Trump’s presidential campaign.
- Ripple also recently donated $1 million to a PAC supporting Deaton.
- Warren faces criticism from the crypto industry but remains favored to win re-election in Massachusetts.
Mmajor industry figures are throwing their financial weight behind candidates they see as crypto-friendly.
Tyler and Cameron Winklevoss, co-founders of the Gemini cryptocurrency exchange, have each donated $500,000 in Bitcoin to support John Deaton’s campaign for U.S. Senate in Massachusetts.
Deaton, a Republican challenger, is aiming to unseat Democratic Senator Elizabeth Warren in the upcoming November election. The Winklevoss twins’ combined $1 million donation in Bitcoin reflects their strong opposition to Warren’s stance on cryptocurrency regulation.
Tyler Winklevoss didn’t mince words in his criticism of the senator. He called Warren “one of the single greatest threats to American prosperity” and “public enemy number one” when it comes to crypto. He accused her of being the “chief architect and driver of the Biden Administration’s war on crypto.”
This isn’t the first time the Winklevoss twins have made significant political donations using cryptocurrency.
Last month, they donated $2 million in Bitcoin to former President Donald Trump’s presidential campaign. They view Trump as a more crypto-friendly candidate compared to the current administration.
The crypto industry’s involvement in politics extends beyond the Winklevoss twins. Earlier this week, blockchain company Ripple donated $1 million to a political action committee (PAC) supporting Deaton’s campaign. These donations highlight the growing political engagement of the crypto sector, particularly in supporting candidates they see as allies.
John Deaton, the recipient of these donations, is positioning himself as a pro-crypto candidate. He’s a former U.S. Marine and attorney who has been involved in prominent cases related to cryptocurrency regulation. Cameron Winklevoss described Deaton as “pro-Bitcoin, pro-crypto, pro-business,” suggesting he would “put an end to Elizabeth Warren’s war on crypto” if elected.
Senator Warren, for her part, has been a vocal critic of the cryptocurrency industry. She has introduced legislation aimed at curbing the use of cryptocurrencies in terrorism or illicit finance schemes. The crypto industry views such efforts as potential threats to their growth and innovation in the United States.
Despite the influx of funds supporting her opponent, Warren remains favored to win re-election in Massachusetts, a traditionally Democratic-leaning state. She has dismissed the challenge from the “crypto lobby,” stating in a fundraising email that she’s “not afraid” of their efforts to unseat her.
The involvement of crypto figures in politics raises questions about the influence of the industry on policy-making.
Supporters argue that they’re protecting innovation and economic freedom, while critics worry about the potential for wealthy individuals and companies to sway political outcomes.
It’s worth noting that these large donations are made to super PACs, which can accept unlimited contributions but are not allowed to coordinate directly with candidates’ campaigns. This setup allows for significant financial support while maintaining legal separation between donors and candidates.
As the November election approaches, the crypto industry’s political activities are likely to remain in the spotlight. The outcome of races like the one in Massachusetts could have real implications for the future of cryptocurrency regulation in the United States.
