Gemini Founders Donate $2 Million in Bitcoin to Trump to Combat Biden’s Crypto Policies
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Cameron and Tyler Winklevoss, co-founders of the cryptocurrency exchange Gemini, have each donated $1 million in Bitcoin to Donald Trump’s presidential campaign.
Their contributions are a direct response to the Biden administration’s regulatory stance on the cryptocurrency industry. Here’s a detailed look at the reasons behind their donations and their impact.
Supporting Trump to End ‘War on Crypto’
On Thursday, the Winklevoss twins announced on social media platform X that they had donated a combined total of $2 million in Bitcoin (15.47 BTC each) to Donald Trump. Tyler Winklevoss tweeted, “I just donated $1 million in Bitcoin to Donald Trump and will be voting for him in November.”
Cameron Winklevoss echoed this sentiment, stating, “I recently donated $1 million in Bitcoin to Donald Trump and plan to vote for him in November… And he will put an end to the Biden administration’s war on cryptocurrency.”
The Winklevoss twins believe that Trump is a pro-bitcoin, pro-crypto, and pro-business candidate who will reverse what they see as Biden’s anti-crypto policies. They argue that the current administration’s approach has stifled innovation and harmed the economy by using government agencies to target the cryptocurrency industry.
Criticism of Biden Administration’s Policies
Tyler Winklevoss has been vocal about his disapproval of the Biden administration’s regulatory actions against cryptocurrencies. He accuses the administration of using government bodies like the Securities and Exchange Commission (SEC) and other federal agencies to unfairly target and litigate against crypto companies. He refers to these actions as politically driven and detrimental to economic progress.
He cited “Operation Choke Point 2.0,” alleging that agencies such as the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) pressure banks to avoid dealing with crypto firms. This, he claims, is a strategic move to weaponize the banking system against crypto companies.
Additionally, Tyler criticized the SEC for not establishing new regulations to help the cryptocurrency industry navigate the legal landscape. He argued that the SEC’s reliance on outdated rules has led to extensive litigation against crypto companies, suffocating the industry’s growth.
“The SEC under the Biden administration has not issued a single rule to assist crypto industry participants in navigating the regulatory landscape for this new asset paradigm. This is by design,” he wrote.
Trump’s Promises to the Crypto Community
Donald Trump has made several promises to support cryptocurrency innovation and protect the industry from regulatory overreach. He has pledged to stop what he calls Joe Biden’s crusade against crypto, support the right to self-custody, and commute the sentence of Ross Ulbricht, founder of Silk Road. Additionally, Trump has vowed to prevent the creation of a central bank digital currency and to keep regulators like Elizabeth Warren away from Bitcoin.
However, Bloomberg reported that the Winklevoss twins’ Bitcoin contributions to Trump’s campaign were refunded because they exceeded the federal legal donation limit.
Despite this setback, the Winklevoss twins remain committed to supporting pro-crypto candidates, as evidenced by Gemini’s new initiative to facilitate crypto contributions for such candidates.
In conclusion, the Winklevoss twins’ significant Bitcoin donations to Trump’s campaign highlight their commitment to advocating for favorable cryptocurrency regulations.
Their actions underscore a broader conflict between the current administration’s regulatory approach and the crypto industry’s push for innovation and economic freedom.
