Tyler and Cameron Winklevoss, the co-founders of Gemini, have donated $1 million in Bitcoin each to support former President Donald Trump’s reelection campaign.
The Gemini co-founders stated that they sided with Donald Trump and donated to his campaign because of the Biden administration’s hawkish stance on crypto.
Winklevoss Twins Make Big Donation
Both Tyler and Cameron Winklevoss announced the news of the donation on their respective X handles. The Gemini founders donated 30.94 BTC, worth $2 million, to put an end to the Biden administration’s war on crypto. Tyler and Cameron have both been extremely discontent with Biden’s stance on crypto and crypto regulation. Taking to X, Tyler Winklevoss wrote,
“Over the past few years, the Biden Administration has openly declared war against crypto. It has weaponized multiple government agencies to bully, harass, and sue the good actors in our industry in an effort to destroy it.”
He further stated that Trump is pro-bitcoin, pro-crypto, and pro-business, adding that if anyone said otherwise, they were being delusional, misinformed, or lying.
“President Donald J. Trump is the pro-Bitcoin, pro-crypto, and pro-business choice. This is not even remotely open for debate. Anyone who tells you otherwise is severely misinformed, delusional, or not telling the truth.”
Weaponizing The Banking System Against Crypto
The Winklevoss twins accused the Biden administration of weaponizing the federal government and the banking system against the crypto ecosystem and continuing policies first established with Operation Choke Point under the Obama administration. Biden was the vice president in the Obama administration.
“This Administration’s actions have been nothing short of an unprecedented abuse of power wielded entirely for twisted political gain at the complete expense of innovation, the American taxpayer, and the American economy. At this point, there is nothing the Biden Administration can do or say to pretend otherwise.”
The Winklevoss twins were also extremely critical of the Securities and Exchange Commission (SEC) for failing to establish a clear regulatory framework for the crypto industry and instead relying on outdated laws that hindered the utility and growth of crypto assets.
It is not yet clear where the donated funds were sent because the limits set on donations to candidates are far below the amount that Tyler and Cameron Winklevoss donated. The funds were most likely donated to political action committees (PACs)that support Trump and his campaign. PACs are exempt from campaign donation limits. However, they are required to operate independently from the candidate campaigns.
Pivoting To Crypto
In July 2019, Trump had said he wasn’t a fan of Bitcoin and other cryptocurrencies. However, this view changed in May 2024 after Trump began accepting donations in Bitcoin and other cryptocurrencies after a dinner at his Mar-a-Lago resort with holders of his Trump NFTs.
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”
Following Trump’s acceptance of Bitcoin donations, Standard Chartered said Trump would benefit Bitcoin and the larger crypto ecosystem. Since then, Trump has made several statements in support of cryptocurrencies in the US and promised to support Bitcoin mining in the US.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
