Gemini Co-Founders Donate $1 Million Each in Bitcoin to Trump’s Presidential Campaign

Gemini Co-Founders Donate $1 Million Each in Bitcoin to Trump's Presidential Campaign

Cameron and Tyler Winklevoss, co-founders of Gemini, donate $1 million each in Bitcoin to Donald Trump’s campaign, criticizing Biden’s crypto policies.

United States, Bollywood Fever: The co-founders of the cryptocurrency exchange Gemini, Cameron and Tyler Winklevoss, announced on Thursday via social media platform X that they have each donated $1 million in Bitcoin to former U.S. President Donald Trump’s presidential campaign. This move underscores their dissatisfaction with the current administration’s stance on cryptocurrency.

“I just donated $1 million in bitcoin (15.47 BTC) to Donald Trump and will be voting for him in November,” Tyler Winklevoss posted. Cameron Winklevoss echoed his brother’s sentiment, stating: “I also just donated $1 million in bitcoin (15.47 BTC) to Donald Trump and will be voting for him in November … And he will put an end to the Biden administration’s war on crypto. Onward!”

Tyler Winklevoss criticized the Biden administration, accusing it of using government agencies, including the U.S. Securities and Exchange Commission (SEC), to target and litigate against the crypto industry. He described these actions as politically motivated and harmful to innovation and the economy. Specifically, he cited “Operation Choke Point 2.0,” alleging that agencies like the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) pressure banks to avoid crypto companies under threat of severe regulatory consequences. He termed this the “weaponization of the banking system against crypto companies and their principals.”

Additionally, Tyler criticized the SEC for not creating new rules for the crypto industry, instead using outdated regulations to justify widespread litigation against crypto projects, thereby stifling the industry. He claimed these actions are designed to maintain political control at the expense of economic freedom and innovation. Cameron summarized their stance succinctly: “Here’s the TL;DR — President Trump is pro-bitcoin, pro-crypto, and pro-business.”

Gemini also announced on Thursday that they now facilitate crypto contributions for pro-crypto candidates. However, Bloomberg reported that the Winklevoss twins’ Bitcoin donations to Donald Trump’s presidential campaign were refunded because they exceeded the maximum amount allowed under federal law.

Trump has recently made several promises to foster crypto innovation. “I will also stop Joe Biden’s crusade to crush crypto,” he vowed. “I will support the right to self-custody.” He also promised to commute the sentence of Ross Ulbricht to time served and emphasized his opposition to the creation of a central bank digital currency. Trump’s campaign has recently started accepting crypto donations, aligning with his pro-crypto stance.

This move by the Winklevoss twins highlights the growing intersection between politics and cryptocurrency, as key industry figures seek to influence policy in favor of digital assets.

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Pooja Chauhan

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