Fairshake, a political action committee supported by Coinbase and a16z, has a $73 million war chest to oppose anti-crypto candidates and support those in favor of digital assets.

Tyler and Cameron Winklevoss have donated $4.9 million to the crypto-focused Fairshake super political action committee (PAC) in a bid to throw their weight behind crypto-friendly candidates in the upcoming U.S. election. 

According to data from the US Federal Election Committee (FEC) and Fairshake’s latest federal filings on Feb. 20, the Winklevoss twins each donated $2.45 million to the super PAC.

Additionally, Fairshake reported having $72.8 million in cash on hand at the end of the reporting period.

Fairshake’s largest donors this year include Payward Inc., which operates as the Kraken crypto exchange, sending $750,000 on Jan. 12, and Electric Capital Partners, which donated $500,000 on Jan. 26, according to the documents.

Other recent donors to the crypto super PAC include venture capital firm Blockchain Capital which added $100,000 in January.

In December, Fairshake received a combined $14 million from crypto venture capitalists Marc Andreessen and Ben Horowitz of a16z, $5 million from Jump Crypto, $15.5 million from Coinbase, and $20 million from Ripple Labs, according to OpenSecrets.

Fairshake describes itself as supporting candidates “committed to securing the United States as the home to innovators building the next generation of the internet.”

Many within the crypto industry view Fairshake as a critical player heading into the 2024 U.S. election, as the crypto industry faces increased scrutiny from lawmakers and regulators following a slew of high-profile collapses in the last eighteen months.

Fairshake aims to fight the over-regulation of the industry by backing crypto-friendly candidates from both sides of the political aisle in the U.S.

On Feb. 13, a political advertising tracker revealed that Fairshake had spent $3.6 million opposing anti-crypto Democratic California Senate candidate Katie Porter, its biggest outlay to influence an election so far.

On Feb. 18, crypto critic Elizabeth Warren said that super PACs could “spend any amount of money needed” to attempt to stop her Senate run.

The 2024 election in the U.S. is scheduled for November with all 435 seats in the House of Representatives, 33 seats in the Senate, and the Presidency up for grabs.

Source: Cointelegraph.