Winklevoss twins exceed donation limits to Trump’s campaign, receiving refunds in excess Bitcoin.
Trump aligns with the crypto community, accepting Bitcoin donations amid regulatory clashes.
Pro-crypto PACs back Trump as he courts tech-savvy voters in the presidential bid.
Gemini co-founders Cameron and Tyler Winklevoss overstepped federal campaign contribution limits with their Bitcoin donations to Donald Trump’s 2024 presidential bid, underscoring the former president’s deepening ties to the crypto industry.
Each twin donated $1 million in Bitcoin, surpassing the individual cap of $844,600. Excess funds were returned, but the incident highlights the growing intersection of cryptocurrency wealth and political fundraising.
The Winklevoss twins were refunded after their Bitcoin donations to Trump’s presidential campaign exceeded the maximum amount allowed under federal law https://t.co/cZ6BUh5aFS
— Bloomberg Crypto (@crypto) June 21, 2024
An anonymous campaign official confirmed the excess in funds, totaling $155,400 each, that were returned to the brothers. It remains unclear whether they received refunds in Bitcoin or its cash equivalent. This incident highlights the former president’s growing support from the cryptocurrency community, as his campaign’s acceptance of Bitcoin donations reflects his favorable view of the industry.
The Winklevoss twins’ donations were allocated among Trump’s campaign, his leadership Political Action Committee (PAC), the Republican National Committee, and 42 state GOP committees.
These donations were made while Trump publicly supported the crypto community and opposed regulatory efforts by the Democratic party. The Winklevoss twins, known for their Bitcoin investments, have been vocal supporters of Trump, calling him a “pro-Bitcoin and pro-cryptocurrency” advocate.
The Gemini exchange has faced regulatory issues, settling with U.S. and New York state financial regulators and facing a lawsuit from the Securities and Exchange Commission (SEC). Despite these challenges, the brothers continue to back Trump, seeing him as a protector of the crypto industry from stringent regulations.
Trump’s engagement with the crypto community includes meetings with Bitcoin miners and other industry stakeholders, highlighting his strategic efforts to secure backing from the business and tech sectors.
Trump remains the frontrunner in the Republican presidential contest despite facing multiple legal issues, including 34 felony counts. His strong focus on the cryptocurrency industry sets him apart from President Joe Biden’s administration, whose regulatory strategy has drawn criticism from industry proponents.
According to the PAC, more than 52 million Americans own digital currencies, and many of them desire a new financial system. This group is influential in elections due to their reluctance to support politicians who oppose cryptocurrencies.
Trump’s acceptance of Bitcoin donations and strong support for the crypto community demonstrate a deliberate effort to appeal to tech-savvy voters. This strategy aims to differentiate his campaign from regulatory actions perceived as unfriendly to cryptocurrencies.
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