Key Points:
Winklevoss donated twins $1 million each in Bitcoin to Donald Trump's presidential campaign, but this amount exceeded the limit allowed by federal law.
Trump's campaign received less than $60,000 from 218 cryptocurrency donors.
The donations reflect increasing ties between Trump and the crypto industry amid regulatory challenges for Gemini.
Cameron and Tyler Winklevoss, billionaire founders of cryptocurrency firm Gemini, have each donated $1 million in Bitcoin to support Donald Trump's presidential campaign. Their contributions, however, exceeded the federal limit allowed for individual donations to political campaigns, resulting in a refund of the excess amount.
Winklevoss Twins' Bitcoin Donation Exceeds Limits to Donald Trump's Presidential Campaign
The Winklevoss twins, known for their legal battles with Facebook's Mark Zuckerberg and now running Winklevoss Capital Management, made the donations amid Trump's recent appeals to crypto enthusiasts. The campaign official, speaking anonymously, confirmed that the excess beyond $844,600 per person was returned, though it remains unclear whether in Bitcoin or its equivalent.
The move underscores a growing alignment between Trump and the cryptocurrency sector, which has increasingly sought allies advocating for less stringent regulatory policies. Donald Trump's presidential campaign had previously raised under $60,000 from 218 crypto donors.
Crypto Industry's Growing Role in Trump's Political Strategy
Trump has declared himself “crypto president”. Recently there were rumors that Trump was releasing memecoin on Solana, but it turned out that the person behind this plan was Martin Shkreli, a character from the traditional finance industry, who was once accused of manipulating drug prices. According to on-chain data, Trump's cryptocurrency wallet owns more than $30 million on June 5, which has tripled thanks to memecoin.
Gemini, the Winklevoss-founded exchange, recently settled with U.S. and New York state financial regulators over alleged improper practices, agreeing to a significant repayment to customers and a fine. Despite regulatory challenges, the twins' support for Trump shows their ongoing influence and interest in shaping political outcomes.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
