The Winklevoss twins, billionaires and founders of Gemini crypto exchange, each donated $1 million in BTC to former President Donald Trump. The donation, totaling 30.94 BTC valued at approximately $2 million, comes amid concerns over the Biden Administration’s aggressive stance towards cryptocurrencies. Tyler Winklevoss expressed his support for Trump’s 2024 presidential bid, citing opposition to what he perceives as a hostile regulatory approach targeting the crypto industry.
“In response to the Biden Administration’s aggressive actions against crypto, we are supporting Donald Trump’s campaign. They have used various government agencies to intimidate and litigate against legitimate players in our industry, aiming to dismantle it.”
Tyler Winklevoss
The co-founder of Gemini alleges that the Biden Administration’s actions represent “an unprecedented abuse of power motivated solely by political gain, disregarding innovation, American taxpayers, and the economy.”
The Winklevoss twins have strongly criticized the U.S. Securities and Exchange Commission (SEC). Tyler Winklevoss emphasized that the SEC “has not issued a single rule for the crypto industry to provide guidance on navigating the regulatory landscape for this new asset class.”
Cameron Winklevoss echoed his brother’s sentiments and expressed support for Trump, stating that the former president “will halt the Biden Administration’s crackdown on crypto.”
In early 2023, the SEC charged Genesis Global and Gemini for allegedly offering and selling unregistered securities to retail investors through the Gemini Earn program. This program collapsed following Genesis’ bankruptcy, which was triggered by the crypto market crash in November 2022.