Tyler and Cameron Winklevoss She donated $4.9 million to the Fairshake political action committee, according to new filings with the US Federal Election Commission. It's just the latest windfall for Fairshake, which is spending millions to run attack ads against Katie Porter, a Democrat running for Dianne Feinstein's old U.S. Senate seat in California.
The new donation, from the Winklevoss twins, was first reported by Telegraphic encryption Wednesday comes after major players in the cryptocurrency industry made significant donations to Fairshake starting in late 2023. Ripple Labs and Coinbase donated $20 million and $20.5 million, respectively, according to the latest figures from Open secrets. Venture capitalists Marc Andreessen and a16z's Ben Horowitz have each donated $9.5 million since October 2023, according to OpenSecrets.
The Winklevoss twins are best remembered for their public feud with Mark Zuckerberg over Facebook in the social media company's early days. But recently, the Winklevoss brothers have been focusing on the world of cryptocurrencies even though Gemini, the cryptocurrency company they founded in 2014, has faced a difficult situation. Gemini was forced to freeze accounts in 2022 following the collapse of FTX, and New York Attorney General Letitia James filed a lawsuit against Gemini Late last year.
Fairshake PAC has set its sights on Rep. Katie Porter, a California Democrat, buying both local broadcast TV ads and digital ads to go after the congresswoman, who is currently running for the California Senate formerly held by Dianne Feinstein. The ads don't exactly make it clear to viewers who Porter is actually attacking.
“Katie Porter plays the fool, lecturing California about her values. She claims she doesn't take corporate PAC money. “No. Instead, Katie Porter gets her campaign money directly from CEOs of Big Pharma, Big Oil and Big Banks, more than $100,000,” the ad’s narrator claims.
“This does not shake the Senate. It's deceptive politics as usual. The ad continues. We will not be deceived.
The ad contains text detailing the donations, including a $500 donation from a pharmaceutical executive, a $2,000 donation from a vice president at an oil company, and a $2,900 donation from the president of a bank. But there is some debate about whether these donations, made by individuals who work for these companies rather than by the companies themselves, should actually be considered taking money from those same industries.
In fact, the Sacramento Bee I recently wrote an article explaining how describing any of these donations as being from Big Pharma, Big Oil, and Big Banks is extremely misleading. Whether the ad is misleading or not, it's difficult for YouTubers in California to escape it. The ad has been viewed more than 6 million times On the video sharing platform According to Google Advertising Transparency Center.
It's not entirely clear what Porter did to anger people in Fairshake, but Porter is running in the primary against fellow Democrats Rep. Adam Schiff and Rep. Barbara Lee. Steve Garvey, a Republican and former Major League Baseball player, is also running, although he is ranked fourth in the polls. The top two finishers in the March 5 primary will advance to the November 5 general election, even if they are both Democrats.
The cryptocurrency was not brought up during the final debate between the four main candidates TuesdayAlthough Schiff has expressed his support for cryptocurrencies on his site Campaign website:
California is at the forefront of new developments in technology, from Web3 and quantum computing to cryptocurrency and blockchain technology, as well as biotechnology and climate technology. We need to develop comprehensive regulatory frameworks to ensure these companies and jobs stay here and grow, and that the United States remains the world leader in these important new technologies.
Porter's campaign did not respond to emailed questions, but a press release on the congresswoman's website said the attack ads He was“Funded by shady crypto billionaires.” Porter also responded to ads on X last week when the ad had already started covering California's YouTube scene.
“Californians are not fooled: Mysterious crypto billionaires don’t want a strong consumer voice in the Senate. “They fear people who criticize corporate greed, so they are spending millions on dishonest dark money ads against me,” Porter wrote on X on February 13. “Their advertising will never stop me from fighting for you.”
Fairshake has two cryptocurrency groups, known as Defend American Jobs and Protect Progress, according to The Guardian. The New York Times. The Progress Protection Program is currently running YouTube ad To support Shomari Figures, a Democrat running for Congress in Alabama.
With more than $85 million in donations, it's probably safe to say that Fairshake won't stop trying to influence California's U.S. Senate primary. This year is a presidential election, after all. With Bitcoin and Ethereum prices rebounding in recent months, it is clear that the cryptocurrency industry is ready to throw its weight around to influence public policy.
