TL;DR
- Winklevoss Twins Donate $2 Million in Bitcoin to Trump’s Campaign: The billionaire Winklevoss twins, co-founders of cryptocurrency exchange Gemini, each donated $1 million worth of Bitcoin to support former President Donald Trump’s 2024 presidential campaign.
- Criticism of Biden Administration’s Crypto Policies: Tyler Winklevoss emphasized that the Biden administration has “openly declared war on crypto” and criticized the SEC for relying on outdated rules, creating uncertainty and hindering innovation in the sector.
- Trump’s Favorable Stance on Crypto: The Winklevoss twins view Trump as “pro-Bitcoin, pro-crypto, and pro-business,” aligning with his stance on crypto during a San Francisco fundraiser where he criticized Democratic attempts to regulate the sector.
The billionaire Winklevoss twins, co-founders of cryptocurrency exchange Gemini, have made a significant political donation. Tyler and Cameron Winklevoss recently announced that they each donated $1 million worth of Bitcoin to support former President Donald Trump’s 2024 presidential campaign.
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
This move marks one of the most high-profile crypto-related contributions to the campaign. Tyler Winklevoss emphasized their motivation for supporting Trump, stating that the Biden administration had “openly declared war on crypto.”
He also pointed out that the SEC, under Biden’s leadership, has not introduced any fresh regulations for the cryptocurrency sector. As a result, those involved are left without a clear roadmap for dealing with regulatory hurdles.
Furthermore, he condemned the SEC for depending on antiquated rules that were created many years ago, well before the widespread use of telephones and more than fifty years before the internet was even conceived.
The crypto market seems to have negatively reacted to the news, as Bitcoin began trading operations on a 3.40% downward trend, trading at around $63.900.
The Winklevoss Twins Praise Trump’s Stance on Crypto
In contrast, they view Trump as being “pro-Bitcoin, pro-crypto, and pro-business.” The twins’ decision reflects the growing efforts by the crypto industry to influence U.S. politicians, especially given the heightened regulatory scrutiny faced by the sector since major crypto firm bankruptcies in 2022.
Gemini, their crypto company, previously entered settlement agreements with U.S. and New York state financial regulators following accusations of wrongdoing. Despite these legal challenges, the Winklevoss twins remain active in the crypto space and continue to advocate for its growth and acceptance.
Trump’s stance on cryptocurrencies has been favorable, and he has positioned himself as a champion for the industry. During a San Francisco fundraiser, he criticized Democratic attempts to regulate crypto, aligning with the twins’ perspective.
As the 2024 election approaches, crypto executives’ involvement in political donations underscores the industry’s desire to shape policy decisions. The Winklevoss twins’ $2 million Bitcoin donation to Trump’s campaign highlights the intersection of crypto and politics, emphasizing differing views on regulation and the industry’s future.
Their contribution adds a new dimension to the ongoing debate surrounding digital currencies in the political landscape.
