The billionaire Winklevoss twins, founders of cryptocurrency company Gemini, were refunded after their Bitcoin donations to Donald Trump’s presidential campaign surpassed the federal donation limit.
Exceeding the Legal Donation Limit
According to a Bloomberg report, a portion of the donation exceeding the legal limit was refunded. A campaign official, speaking anonymously, confirmed the refund. The twins announced donations totaling $2 million in Bitcoin on social media, far above the legal limit of $844,600 per person for the Trump 47 Committee.
Uncertainty Over Refund Method
It remains unclear whether the Trump 47 Committee returned the excess amount in Bitcoin or converted it to cash. The donated funds are divided among Trump’s campaign, his leadership political action committee, the Republican National Committee, and 42 GOP state party committees.
Trump’s Embrace of Crypto Donations
Trump’s acceptance of Bitcoin donations highlights the growing relationship between his campaign and the crypto industry. The crypto community, a significant player in the 2024 election, supports candidates who favor lighter regulation.
Winklevoss Twins’ Political Contributions
The Winklevoss brothers reportedly attended a June fundraiser for Trump, costing up to $300,000 per person. They have also contributed about $5 million to the Fairshake political action committee, which runs attack ads against certain lawmakers and supports specific Democratic and Republican candidates.
Also Read: Martin Shkreli Admits Creating DJT Token with Barron Trump
Gemini Users Recover Funds
Many users of the Gemini crypto exchange, founded by the twins, have been trying to recover funds from Gemini Earn, a program offering yields on crypto assets run in partnership with the now-bankrupt Genesis. Recently, New York Attorney General Letitia James announced the recovery of approximately $50 million for Gemini users who were defrauded. In February, Gemini agreed to return at least $1.1 billion to customers as part of a settlement with the New York Department of Financial Services. The Securities and Exchange Commission had sued Gemini and Genesis over Gemini Earn, but Genesis has since settled the charges.
