3 mins
By Lynn Wang
Updated by Lynn Wang
In Brief
- Winklevoss twins donate $1 million in Bitcoin to support John Deaton’s Senate campaign.
- Ripple Labs also contributes $1 million to the Commonwealth Unity Fund for Deaton.
- The crypto industry leaders show increasing political activism in the upcoming election.
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On July 18, Tyler Winklevoss, co-founder of the Gemini crypto exchange, announced a significant political donation. Tyler revealed he had donated $500,000 in Bitcoin, approximately 8 BTC, to support John Deaton’s bid for the US Senate in Massachusetts.
Tyler’s twin brother, Cameron Winklevoss, matched this contribution, bringing their total donation to $1 million in Bitcoin. This financial backing aims to help Deaton unseat incumbent 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 highlighted his belief that Senator Warren substantially threatens American prosperity. He argued that Warren has been instrumental in the Biden administration’s efforts to undermine the industry, leveraging her influence over regulatory agency appointments.
“The madness began during the 2020 Presidential campaign, when President Biden sought Senator Warren’s support for his presidential bid. In return, President Biden gave her veto rights on all of his regulatory agency picks,” he said.
According to Tyler, Warren’s opposition to cryptocurrency and influence over regulatory agencies make her a formidable adversary to the crypto industry. He accused her of orchestrating a campaign against crypto through “de-banking” 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. Alternatively, interested donors can contribute their Bitcoin or other cryptocurrencies via Gemini.
The Winklevoss twins’ support for Deaton is rooted in their shared belief in crypto’s potential to democratize finance and foster economic freedom. They view Deaton as a champion of these values, starkly contrasting Warren’s perceived hostility toward the industry.
John Deaton, a candidate for the US Senate, has been an outspoken advocate for the crypto industry. As an attorney, he has defended numerous crypto firms against regulatory actions.
He has been a vocal critic of what he sees as overreach by agencies like the US Securities and Exchange Commission (SEC). Deaton’s legal efforts have earned him a reputation as a staunch defender of the crypto industry, bolstering his appeal among crypto proponents.
Winklevoss Twins Join Forces with Ripple Labs to Back Deaton
The Winklevoss twins are not alone in their support for Deaton. Ripple Labs, the company behind the XRP cryptocurrency, donated $1 million to the Commonwealth Unity Fund earlier in the year.
Ripple’s involvement is particularly noteworthy given Deaton’s history of defending the company in its legal battles with the SEC. According to Federal Election Commission (FEC) data, Deaton has raised nearly $1.7 million as of June 30.
Both the Winklevoss twins and Ripple Labs have a history of significant 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 Fairshake, a crypto-focused Super Political Action Committee (PAC).
The Winklevoss twins and Ripple Labs’ substantial donations highlight the increasing political activism within the crypto community. These contributions further reflect a growing recognition of the importance of political engagement in shaping the regulatory stage for the crypto industry.
However, not all in the crypto community agree with this approach. Ethereum co-founder Vitalik Buterin recently voiced his reservations about supporting political candidates solely based on their pro-crypto stance.
Buterin emphasized the need for a broader evaluation of candidates. He advised the crypto community to consider these candidates’ alignment with the core values of decentralization, privacy, and technological freedom.
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