Regulation
Winklevoss Twins Donate $1 Million in Bitcoin to John Deaton
On July 18, Tyler Winklevoss, co-founder of crypto exchange Gemini, announced a major policy decision DonTyler revealed that he donated $500,000 in Bitcoin, or about 8 BTC, to support John Deaton’s run for US Senate in Massachusetts.
Tyler’s twin brother Cameron Winklevoss matched the contribution, bringing their total donation to $1 million in Bitcoin. The financial support is aimed at helping Deaton unseat sitting Senator Elizabeth Warren, a prominent critic of the crypto industry.
Tyler Winklevoss Calls Warren a ‘Threat to American Prosperity’
Tyler shared his motivation in a detailed post on his X account. He emphasized his belief that Senator Warren poses a significant threat to American prosperity. He argued that Warren has been instrumental in Biden administration’s efforts to undermine industryby leveraging its influence over regulatory agency appointments.
“The madness began during the 2020 presidential campaign, when President Biden sought to enlist the support of Senator Warren for his presidential bid. In exchange, President Biden granted her veto power over every regulatory agency pick he made,” he said. said.
Learn more: Who are Cameron and Tyler Winklevoss? A portrait of the twins
According to Tyler, Warren’s opposition to cryptocurrency and her influence over regulators make her a formidable opponent for the cryptocurrency industry. He accused her of orchestrating a campaign against cryptocurrency through “debanking” and bad-faith enforcement actions, stifling innovation and economic growth.
Tyler urged others to contribute to Deaton’s campaign and the Commonwealth Unity Fund Super PAC, a political action committee dedicated to supporting Deaton and opposing Warren. Interested donors can also contribute in Bitcoin or other cryptocurrencies through Gemini.
The Winklevoss twins’ support for Deaton is rooted in their shared belief in the potential of cryptocurrencies to democratize finance and foster economic freedom. They view Deaton as an advocate for these values, in stark contrast to Warren’s perceived hostility toward the industry.
John Deaton, candidate for the United States Senate, was a strong advocate for the crypto industryAs a lawyer, he has defended numerous cryptocurrency companies against regulatory actions.
He is an outspoken critic of what he sees as the overreach of agencies like the U.S. Securities and Exchange Commission (SEC). Deaton’s legal efforts have earned him a reputation as a vocal advocate for the cryptocurrency industry, bolstering his appeal among its proponents.
Winklevoss Twins Partner With Ripple Labs to Support Deaton
The Winklevoss twins aren’t the only ones backing Deaton. Ripple Labs, the company behind the cryptocurrency XRP, Given $1 million to the Commonwealth Unity Fund earlier this year.
Ripple’s involvement is particularly notable given Deaton’s history of defending the company in its legal battles with the SEC. According to the Federal Election Commission (FEC) dataDeaton has raised nearly $1.7 million as of June 30.
Both the Winklevoss twins and Ripple Labs have a history of major donations to support pro-crypto political efforts. BeInCrypto reported that for the 2023-2024 election cycle, the twins and Ripple Labs donated more than $45 million and $4.6 million, respectively, to Fairshakea crypto-focused political action committee (PAC) super.
The Winklevoss twins and Ripple Labs’ latest donations to Fairshake. Source: Open secrets
The substantial donations from the Winklevoss twins and Ripple Labs highlight the growing political activism within the crypto community. These contributions further reflect a growing recognition of the importance of political engagement in shaping the regulatory landscape of the crypto industry.
Learn more: Cryptocurrency Regulation: What Are the Pros and Cons?
However, not everyone in the crypto community agrees with this approach. Ethereum co-founder Vitalik Buterin recently expressed his reservations about supporting political candidates solely because of their pro-crypto stance.
Buterin stressed the need for a broader evaluation of candidates. He advised the crypto community to consider the alignment of these candidates with the core values of decentralization, privacy, and technological freedom.
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