The billionaire Winklevoss twins, Cameron and Tyler, founders of the cryptocurrency company Gemini, have made donations to support former President Donald Trump.
Each twin donated $1 million in bitcoin, totaling around $2 million. The donations were announced on X, where Tyler Winklevoss stated his support for Trump and criticized the Biden administration’s stance on cryptocurrency.
I just donated $1 million in bitcoin (15.47 BTC) to @realDonaldTrump and will be voting for him in November. Here’s why:Over the past few years, the Biden Administration has openly declared war against crypto. It has weaponized multiple government agencies to bully, harass, and… pic.twitter.com/qOQSpmanBR
— Tyler Winklevoss (@tyler) June 20, 2024
Criticism of Biden Administration’s Crypto Policies
Tyler Winklevoss has been vocal about his discontent with the current administration. He accused President Joe Biden’s Democratic administration of waging a war on cryptocurrency.
According to Tyler, Trump is seen as a more favorable candidate for the cryptocurrency industry, being “pro-Bitcoin, pro-crypto, and pro-business.” The twins believe that Trump’s leadership would be more supportive of the crypto sector.
The donations come when the Winklevoss twins and their company, Gemini, deal with various legal and regulatory challenges. Earlier this year, the New York Department of Financial Services (NYDFS) ordered Gemini to return $1.1 billion to customers and pay a $37 million fine for unsafe practices.
Additionally, Gemini settled a lawsuit with the U.S. Securities and Exchange Commission (SEC) for $21 million without admitting or denying wrongdoing.
Political Influence of the Crypto Industry
The cryptocurrency industry is increasingly trying to influence U.S. politics amidst heightened regulatory scrutiny. The Winklevoss twins’ support for Trump is part of a broader trend of crypto executives backing political candidates who they believe will favor their industry.
Moreover, Trump has positioned himself as a champion for crypto, criticizing the Democrats’ regulatory efforts. The twins’ donations highlight their ongoing battle with regulatory bodies and their hope for a more favorable political environment under a Trump administration.
Cameron and Tyler Winklevoss fame after suing Facebook and its CEO, Mark Zuckerberg, alleging that he stole their idea for the social networking site. They settled the lawsuit in 2008, receiving cash and Facebook stock. Since then, they have become prominent figures in cryptocurrency through their company Gemini.
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