The Winklevoss brothers, founders of cryptocurrency company Gemini, donated $1 million each in Bitcoin to Donald Trump’s presidential campaign.
However, this exceeded the legal limit of $844,600 for individual political contributions. As a result, they refunded $311,400 in total ($155,400 each) to comply with campaign finance laws.
Winklevoss Twins’ Donation and Trump Campaign Support
A campaign official, speaking anonymously, clarified that each of the Winklevoss twins received a refund of $155,400 for their excess donation. Whether this refund was in Bitcoin or its cash equivalent remains uncertain. The Trump campaign has been open to Bitcoin donations, reflecting former President Trump’s support for the cryptocurrency community.
Contributions from donors like the Winklevoss twins are distributed among Trump’s campaign, his leadership political action committee, the Republican National Committee, and 42 state GOP committees.
These donations come amidst Trump’s alignment with the crypto community and his opposition to Democratic efforts to regulate the industry. The Winklevoss twins, known for their Bitcoin investments, have publicly supported Trump, describing him as a “pro-Bitcoin” and “pro-crypto” candidate.
Gemini and Winklevoss Twins’ Support for Trump and Cryptocurrency
Gemini, the crypto exchange founded by the Winklevoss twins, has faced regulatory challenges including settlements with US and New York state financial regulators and a lawsuit by the Securities and Exchange Commission (SEC).
Despite these challenges, the Winklevoss brothers remain supportive of Donald Trump, viewing him as a defender of the crypto industry against regulatory actions.
Trump has shown his support for the cryptocurrency community through various actions, such as holding meetings with Bitcoin miners in recent roundtable discussions.
Despite facing legal issues, including 34 felonies, Trump continues to lead the Republican presidential race. His engagement with the crypto industry is part of a broader effort to gain support from the business community and tech elites.
This approach contrasts with the current Biden administration, which some cryptocurrency enthusiasts, including the Winklevoss twins, criticize for its perceived regulatory stance against the industry.
Stand With Crypto PAC and Political Endorsements
The Stand With Crypto PAC has emerged as a proactive advocate for candidates supportive of the cryptocurrency business.
So far, the PAC has endorsed 18 candidates for upcoming elections, underscoring the growing political influence of crypto-oriented voters.
According to the PAC, more than 52 million Americans own digital currencies, many of whom advocate for a new financial system.
This demographic represents a swing vote, with a significant portion indicating they would not support politicians opposed to cryptocurrencies.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#gemini #GUSD

The cryptocurrency exchange Gemini has agreed to give $50 million in digital assets to investors in its Gemini Earn program. This is part of a settlement with the New York Attorney General (NYAG), which was announced on Friday.
The settlement came after New York Attorney General Letitia James accused Gemini of misleading thousands of investors, including people in New York, about the risks of the Gemini Earn program. This program let Gemini customers loan their cryptocurrency to the now-bankrupt Genesis Global Capital, LLC, and offered up to 7.4 percent annual percentage yield (APY).
Gemini Agrees to $50 Million Settlement Over Misleading Investors
New York Attorney General Letitia James accused Gemini of misleading thousands of investors, including New Yorkers, about the risks associated with the Gemini Earn program. This program allowed Gemini customers to loan their cryptocurrency to the now-bankrupt Genesis Global Capital, LLC, offering up to 7.4 percent annual percentage yield (APY).
“Gemini marketed its Earn program as a way for investors to grow their money but actually lied and locked investors out of their accounts,” James said in a statement. “Today’s settlement will make defrauded investors whole and should remind cryptocurrency companies that deceiving investors is illegal and will not be tolerated by my office.”
The settlement ensures that all defrauded investors will fully recover the assets they invested in the Earn program but were unable to withdraw when the program collapsed. Additionally, Gemini is now prohibited from conducting any crypto lending programs in New York State.
The NYAG’s complaint, filed in October against Gemini, Genesis, and the crypto investment firm DCG, alleged that Gemini misled investors by repeatedly assuring them that the Earn program through Genesis was low risk, despite its actual risks. Furthermore, the NYAG accused DCG, Genesis, and two executives of concealing $1.1 billion in losses through a campaign of misstatements and omissions.
Gemini previously announced that Earn users would recover $2.18 billion of their crypto assets in-kind, meaning customers who lent one bitcoin would receive one bitcoin back. This distribution represents a 232% recovery from when withdrawals were halted in November 2022.
The final distributions for the Earn program will be available in customers’ accounts within seven days, according to Gemini’s statement on Friday. “We are also pleased to announce that in connection with the final Earn distribution, Gemini has entered into an agreement with the New York Attorney General (NYAG) to settle the lawsuit the NYAG brought against Gemini on October 19, 2023,” the statement read. “We are excited to deliver this full recovery to you and appreciate your ongoing patience and support throughout this process.”
Ongoing Legal Disputes and Settlements in the Crypto World
The news of Gemini’s settlement follows shortly after Genesis Global Trading reached an agreement with the New York Department of Financial Services (NYDFS). Genesis agreed to pay an $8 million penalty and cease its operations in New York. As part of the settlement, Genesis will surrender its BitLicense, which it has held since 2018.
Genesis’s bankruptcy has severely impacted the Gemini Earn program, leading to a series of lawsuits. Gemini has sued Digital Currency Group (DCG) and its CEO Barry Silbert, alleging fraud. Conversely, Genesis has sued DCG, seeking repayment of loans exceeding $600 million.
Amidst this ongoing dispute, U.S. regulatory bodies have stepped in. The SEC accused Genesis and Gemini of selling unregistered securities, while the New York Attorney General filed a lawsuit accusing DCG, Genesis, and Gemini of defrauding investors.
Court filings suggest that market disturbances, such as the collapse of Terraform Labs and Three Arrows Capital, led to Gemini making withdrawals from Genesis, contributing to a “run on the bank” scenario.
The legal battle between the two crypto companies has intensified since the collapse of FTX in November 2022, leading to a public feud involving the CEOs of both firms. The contention centers on the recovery of funds, with accusations of non-cooperation and threats of legal action flying back and forth.
Previously, Gemini took legal action against Genesis to access shares of the Grayscale Bitcoin Trust used as collateral for loans to Genesis through the Gemini Earn program. These shares are currently valued at roughly $1.6 billion.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#Gemini #GUSD

#MakerDAO the company that created the #DAI #Stablecoins pegged to the US dollar, stated in a forum post that on March 11, the company had various collaterals "exposed to USDC tail risk" as a result of the unusual de-pegging of the USD Coin (USDC) stablecoin that had started on March 10. For the DAI stablecoin, Maker DAO presently has more than 3.1 billion #USDC in collateral.

First, Maker suggests setting a debt ceiling of 0 DAI for the liquidity provider collaterals UNIV2USDCETH-A, UNIV2DAIUSDC-A, GUNIV3DAIUSDC1-A, and GUNIV3DAIUSDC2-A. In order to prevent "excessive dumping of USDC," Maker also wants to lower the daily minting limits of its USDC peg stability module from 950 million DAI to 250 million DAI and raise the fee from 0% to 1%. If the proposal is approved, Maker will also lower the daily minting limits of its #GUSD module from 50 million DAI to 10 million DAI.

Maker also wants to completely cut off exposure to the decentralized financial protocols Curve and Aave. While Aave doesn't have these risks, Maker still claimed that its "overall risk-reward of depositing funds into the D3M are not favorable under current conditions" because Curve "uses a fixed $1 price for USDC," which "presents a risk of bad debt accrual and potentially bank runs with cascading market insolvency if the market price of USDC falls significantly below the current collateral factor."

Last but not least, Maker suggests raising the protocol's debt ceiling from 450 million DAI to 1 billion DAI for the USDP stablecoin produced by Paxos. The company wrote:

"Paxos has relatively stronger reserve assets versus other available centralized stablecoins, consisting primarily of U.S. treasury bills, reverse repurchase agreements collateralized by U.S. treasury bonds. They face relatively lower potential for impairment versus other available stablecoins."

Since its issuer, Circle, reported it had $3.3 billion in money collateralizing the stablecoin trapped on the now-defunct Silicon Valley Bank, USDC depegged from the US dollar on March 10. The price of USDC at the time of posting is $0.9025. The DAI stablecoin has likewise degged to $0.9235 in response to the announcement.