Cameron and Tyler Winklevoss, co-founders of the cryptocurrency exchange Gemini, have donated $1 million each in Bitcoin to former U.S. President Donald Trump’s presidential campaign. The announcement, made on social media platform X, underscores the twins’ support for Trump and their criticism of the Biden administration’s approach to the crypto industry.
Criticism of the Biden Administration
Tyler Winklevoss voiced his concerns about the current administration, accusing it of weaponizing government agencies against the crypto industry. He highlighted actions by the U.S. Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) as part of a broader campaign to undermine cryptocurrency businesses. Tyler referred to this as “Operation Choke Point 2.0,” suggesting that these agencies pressure banks to avoid crypto companies under threat of severe regulatory consequences.
Support for Trump’s Policies
Cameron Winklevoss echoed his brother’s sentiments, declaring Trump the pro-Bitcoin, pro-crypto, and pro-business choice. He believes Trump will end what he describes as the Biden administration’s “war on crypto.” Cameron emphasized that Trump’s policies would foster innovation and economic freedom, contrasting with what he perceives as the current administration’s detrimental stance towards the crypto sector.
Gemini’s New Initiative
In line with their support for pro-crypto candidates, Gemini announced on Thursday that they now facilitate crypto contributions for such candidates. This move aligns with the Winklevoss twins’ broader strategy to support political figures who advocate for the cryptocurrency industry.
Also Read: Martin Shkreli Admits Creating DJT Token with Barron Trump
Trump’s Promises to the Crypto Community
Donald Trump has made several promises to support the crypto industry. He has pledged to stop Joe Biden’s efforts to restrict crypto and has voiced support for the right to self-custody. Additionally, Trump has promised to commute the sentence of Ross Ulbricht, the founder of the darknet market Silk Road, to time served. He also vowed to prevent the creation of a central bank digital currency and to keep figures like Elizabeth Warren from interfering with Bitcoin.
Legal Limits on Donations
Despite their enthusiastic support, the Winklevoss twins faced a legal hurdle. Bloomberg reported that their Bitcoin donations to Trump’s campaign were refunded because they exceeded the maximum amount allowed under federal law. This highlights the regulatory challenges even enthusiastic supporters face when contributing to political campaigns.
