Winklevoss Twins Contribute $1M in Bitcoin to Senator Warren’s Crypto-Friendly Opponent

Entrepreneurial siblings Tyler and Cameron Winklevoss, known for their roles in Facebook and as founders of the Gemini digital currency exchange, made headlines with their recent announcement. The duo pledged $500,000 each in bitcoin to a super PAC supporting John Deaton, a lawyer advocating for cryptocurrency and aiming to end Senator Elizabeth Warren’s long tenure.

In a move to counter what they perceive as the Biden Administration’s negative stance on crypto, the Winklevoss twins previously donated $2 million in bitcoin to GOP presidential candidate Donald Trump. Their most recent contributions are directed towards the Commonwealth Unity Fund, a newly established political action fund designed to back Deaton’s bid against Warren. Notably, the funds will not directly fund Deaton’s campaign but will be utilized independently for advertising efforts.

The support for Deaton extends beyond the Winklevoss twins, as the crypto firm Ripple also contributed $1 million to the Commonwealth Unity Fund in a show of solidarity. James Murphy, the fundraising lead for the PAC, expressed gratitude towards Ripple and the Winklevoss brothers for their backing, emphasizing the potential for Deaton’s success in the upcoming elections.

Despite Warren’s reputation as a prominent critic of the crypto industry, Deaton’s supporters remain optimistic about his chances. The Winklevoss twins have been vocal in their criticism of Warren, with Tyler highlighting her perceived detrimental impact on business and crypto while endorsing Deaton as a proponent of the industry. Cameron echoed these sentiments, emphasizing Deaton’s support for Bitcoin and crypto assets.

Warren’s regulatory efforts have faced pushback from the crypto community, which views her proposed legislation as a threat to the industry’s growth in the United States. Gensler, the SEC Chairman, and Gruenberg, the FDIC Chairman, have been criticized for their alignment with Warren’s policies, with the Winklevoss twins labeling them as enforcers of her anti-crypto agenda.

The ongoing support for Deaton underscores the broader clash between pro-crypto advocates and regulatory bodies aiming to tighten controls on the digital asset space. As the political landscape evolves, the outcome of the Massachusetts State Primary on September 3rd will shed light on Warren’s official challenger. The race for Warren’s Senate seat promises to be a battleground between supporters of crypto innovation and proponents of stricter regulatory measures.