Tyler and Cameron Winklevoss, the billionaire founders of cryptocurrency exchange Gemini, announced on Thursday that they have each donated $1 million in bitcoin to support Donald Trump’s presidential campaign. This move marks a significant contribution from prominent figures in the crypto industry to the Republican candidate.
The twins, known for their early involvement with Facebook and subsequent foray into cryptocurrency, made their announcements via posts on X (formerly Twitter). Tyler Winklevoss justified the donation by claiming that the Biden administration had “openly declared war on crypto,” while praising Trump as “pro-Bitcoin, pro-crypto, and pro-business.”
This support aligns with Trump’s recent positioning as a champion for the cryptocurrency sector. At a San Francisco fundraiser earlier this month, the former president criticized Democratic attempts to regulate the crypto industry, appealing to tech executives and crypto enthusiasts.
Gemini crypto exchange founders, Winklevoss twins donate $2M in Bitcoin to Trump, citing “war on crypto” Crypto moguls bet big on the 2024 race. Thoughts? #CryptoInPolitics #Trump #DonaldTrump #gemini #crypto #politics #USANews pic.twitter.com/4fV5K24fZA
— Blockonist (@blockonist) June 21, 2024
The donations come at a time when the cryptocurrency industry is increasingly seeking to influence U.S. politics, as it faces growing regulatory scrutiny. This heightened attention follows a series of high-profile bankruptcies and fraud cases in the crypto sector in 2022, which left many investors at a loss.
It’s worth noting that Gemini, the Winklevoss’ company, has recently faced its own regulatory challenges. In February 2024, the firm reached settlement agreements with both U.S. and New York state financial regulators:
- Gemini agreed to return at least $1.1 billion to customers of its lending program and pay a $37 million fine to the New York Department of Financial Services (NYDFS) for unsafe and unsound practices.
- The company also settled a lawsuit with the U.S. Securities and Exchange Commission (SEC) for $21 million, without admitting or denying wrongdoing.
The Winklevoss twins first gained public attention through their legal battle with Facebook and Mark Zuckerberg, claiming he had stolen their idea for the social networking site. They reached a settlement in 2008, receiving cash and Facebook stock.
As of the time of reporting, the Biden administration has not responded to requests for comment on the Winklevoss’ donations or their claims regarding the administration’s stance on cryptocurrency.
This development highlights the growing intersection of cryptocurrency, politics, and regulation in the United States, as the industry seeks to shape its future amid increasing government scrutiny.
Raksha, a seasoned journalist, specializes in crafting insightful narratives on blockchain and AI developments. With a keen eye for innovation, she distills complex topics into accessible stories, providing readers with a clear understanding of the dynamic intersection between these transformative technologies.
