Bitcoin Bros Winklevoss Twins Put Half a Million Behind Anti-Warren Campaign

NAIROBI (CoinChapter.com)—On July 18, the Winklevoss twins, founders of the Gemini exchange, announced a donation of $500,000 each to attorney John Deaton’s Senate campaign. The donation aims to support Deaton in unseating Senator Elizabeth Warren, who Tyler Winklevoss criticized for her regulatory stance on the crypto industry.

Tyler laid out his case in a detailed social media thread, characterizing Warren as the “chief architect” behind President Joe Biden’s regulatory strategy against crypto.

He claimed Warren wields significant influence over Biden’s regulatory appointments in exchange for her endorsement during his 2020 presidential run.

Moreover, Winklevoss argued that Warren’s influence led to the Federal Deposit Insurance Corporation’s (FDIC) Operation Chokepoint 2.0, which he described as an attack on the crypto sector.

The Gemiini co-founder believes cryptocurrency has the potential to level the financial playing field and promote financial inclusion, fairness, and freedom for all.

He accused Warren of opposing crypto because she cannot control it, prioritizing her power over consumer interests. Meanwhile, Wyoming Senator Cynthia Lummis, a long-time crypto industry ally, recently endorsed Ian Cain for the Massachusetts Senate.

Lummis highlighted Cain’s understanding of blockchain technology and political issues. Cain, co-founder of Qubic Labs, focuses on investing in tech entrepreneurs and start-ups in finance and government applications. Qubic Labs shows a particular interest in leveraging blockchain and emerging technologies.

Ripple Labs and the $1 Million Rebuttal

The Winklevoss twins’ support for Deaton aligns with a broader push from the crypto community against Warren’s policies. In May 2024, Ripple Labs donated $1 million to Deaton’s campaign, highlighting the industry’s discontent with Warren’s regulatory approach.

Ripple’s donation was a direct response to Warren’s perceived hostility towards cryptocurrency, reflecting a strategic effort to counter her influence.

Deaton’s Campaign Faces Limited Support Despite Crypto Backing

Open Secrets indicates that Deaton’s campaign has raised $1.7 million.

Major names from the crypto community, including the Winklevoss twins, Ripple co-founder Chris Larsen, SkyBridge Capital founder Anthony Scaramucci, Ripple CEO Brad Garlinghouse, Ripple attorney Stuart Alderoty, Kraken co-founder Jesse Powell, Cardano founder Charles Hoskinson, and Coinbase, have contributed to his campaign.

Despite this backing, Warren has raised $18 million, highlighting the stark contrast in campaign funding.

Support for Deaton has not been universal within the crypto community. Pro-crypto super PAC Fairshake has not supported Deaton, nor has the Sentinel Action Fund. Coinbase-backed Stand with Crypto has also not endorsed him.

Winklevoss-Backed Real Bedford FC Acquires $4.5M in Bitcoin

Real Bedford FC (RBFC), a UK-based non-league football club backed by Winklevoss Capital, has acquired $4.5 million worth of Bitcoin. Peter McCormack, the club’s founder and a noted crypto podcaster, revealed that RBFC now holds 82.7 Bitcoins, valued at $5.37 million, purchased at an average price of $64,925 per Bitcoin.

This acquisition aligns with McCormack’s strategy to leverage digital assets to propel the club’s ascent through the footballing ranks. McCormack, who acquired the Bedford-based club in 2021, aims to use his crypto expertise and network, including support from Winklevoss Capital, to achieve this ambitious goal.

McCormack stated that 15.8 Bitcoins are allocated for football-related expenses, while the remainder is securely held in the club’s treasury. In April, Winklevoss Capital, founded by Cameron and Tyler Winklevoss, invested $4.5 million in RBFC.

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