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.
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