On July 18, Tyler Winklevoss, co-founder of cryptocurrency exchange Gemini, announced a political donation. Taylor said he donated $500,000 (approximately 8 BTC) in Bitcoin to support John Deaton’s campaign for the Massachusetts Senate.
Tyler Winklevoss: ‘Warren is a threat to American prosperity’
Tyler’s twin brother Cameron Winklevoss also joined in and donated a total of $1 million in Bitcoin. The financial support will help Deaton replace incumbent Senator Elizabeth Warren, a prominent critic of the cryptocurrency industry.
Taylor revealed his motives in a detailed post on his X account. He stated his belief that Senator Warren posed a real threat to American prosperity. He believes Warren played a key role in the Biden administration’s efforts to use her influence over regulatory appointments to undermine the industry.
“This madness began during the 2020 presidential campaign when President Biden sought Senator Warren’s support for his presidential campaign. In return, President Biden granted Representative Warren veto power over all regulatory appointments,” he said .
Read more: Who are Cameron Winklevoss and Tyler Winklevoss? Introduction to the twins
Taylor said Warren’s opposition to cryptocurrencies and influence over regulators make her a powerful opponent of the industry. He accused her of orchestrating an anti-crypto campaign and stifling innovation and economic growth through “de-banking” and malicious administrative actions.
Taylor urged others to donate to Deaton’s campaign and the Federal Solidarity Fund super PAC, a pro-Deaton and anti-Warren political action committee. Alternatively, interested donors can donate Bitcoin or other cryptocurrencies through Gemini.
The Winklevoss twins’ support for Deaton stems from their shared belief in the potential of cryptocurrencies to democratize finance and promote economic freedom. They see Deaton as a champion of those values, in contrast to Warren’s hostility to the cryptocurrency industry.
U.S. Senate candidate John Deaton has been an outspoken advocate for the cryptocurrency industry. As a lawyer, he has defended many cryptocurrency companies against regulatory actions. He has been an outspoken critic of excessive regulation by agencies such as the U.S. Securities and Exchange Commission (SEC). Deaton’s legal efforts have earned him a reputation as a staunch defender of the cryptocurrency industry and bolstered his appeal among cryptocurrency advocates.
Ripple Labs also supports Deaton
The Winklevoss twins weren’t the only ones supporting Deaton. Ripple Labs, which develops the XRP cryptocurrency, donated $1 million to the Commonwealth Unity Fund earlier this year.
Ripple’s involvement is particularly noteworthy given Deaton’s history of defending companies in legal disputes with the SEC. As of June 30, Deaton had raised about $1.7 million, according to the Federal Election Commission (FEC).
Both the Winklevoss twins and Ripple Labs have a history of donating large amounts of money to support pro-cryptocurrency political campaigns. BeInCrypto reports that Twins and Ripple Labs donated more than $45 million and $4.6 million, respectively, to cryptocurrency-focused super political action committee (PAC) Fairshake during the 2023-2024 election cycle.
The huge donations from the Winklevoss twins and Ripple Labs show increasing political activity within the cryptocurrency community. The donations reflect a growing recognition of the importance of political engagement in shaping the regulatory landscape of the cryptocurrency industry.
Read more: Cryptocurrency Regulation: What Are the Pros and Cons?
However, not everyone in the cryptocurrency community agrees with this approach. Ethereum co-founder Vitalik Buterin recently expressed reservations about political candidates based solely on their pro-crypto stance. Buterin stressed the need for a broader evaluation of candidates. He suggested that the cryptocurrency community should consider candidates who align with its core values of decentralization, privacy, and technological freedom.
