Gemini Co-Founders Contribute $2 Million in Bitcoin to Back Trump
Cameron and Tyler Winklevoss, the billionaire twins behind the Gemini cryptocurrency exchange, have made significant contributions to former U.S. President Donald Trump, each donating $1 million in Bitcoin (BTC) amid concerns over the regulatory stance of the Biden Administration towards crypto assets.
The Winklevoss brothers collectively donated 30.94 BTC, valued at approximately $2 million, to Donald Trump, who is eyeing a potential return to the White House in 2024. Tyler Winklevoss publicly declared his support for Trump, citing the administration’s aggressive stance on cryptocurrencies as a key factor in their decision.
According to Tyler Winklevoss, the Biden Administration has actively waged a campaign against the crypto industry, utilizing various government agencies to intimidate and litigate against legitimate players within the sector. This approach, as described by Winklevoss, represents a misuse of power driven by political motives that undermine innovation and economic progress.
Expressing dissatisfaction with the U.S. Securities and Exchange Commission (SEC), the Winklevoss twins criticized the regulatory body for its lack of clear guidelines and support for the crypto market. Tyler Winklevoss emphasized the absence of regulatory clarity, stating that the SEC has failed to establish comprehensive rules to assist industry participants in navigating the evolving landscape of digital assets.
Cameron Winklevoss echoed his brother’s sentiments and endorsed Trump as a candidate who would counter the Biden Administration’s adversarial stance towards cryptocurrencies. The twins’ support for Trump comes in the wake of the SEC’s legal actions against Genesis Global and Gemini for allegedly conducting unregistered securities offerings through the Gemini Earn program, which suffered setbacks following Genesis’ insolvency triggered by the crypto market downturn in November 2022.
The Winklevoss brothers’ financial backing of Trump underscores their opposition to the regulatory approach taken by the Biden Administration towards crypto assets and their belief that Trump’s policies could herald a more favorable environment for the industry. As the debate over crypto regulation continues to unfold, the actions of prominent figures like the Winklevoss twins serve to highlight the divergent perspectives within the crypto community regarding government oversight and intervention.
