Key Points
- The Winklevoss twins have each donated $1 million in BTC to former U.S. President Donald Trump.
- This donation is a response to what the brothers perceive as the SEC’s aggressive stance against the cryptocurrency industry.
Cameron and Tyler Winklevoss, the billionaire founders of the Gemini crypto exchange, have made a substantial donation to ex-President Donald Trump. They’ve donated 30.94 BTC, approximately $2 million, to Trump, who has expressed interest in running for president again in 2024.
Response to Anti-Crypto Sentiment
Tyler Winklevoss publicized his support for Trump in a statement, expressing his intention to vote for Trump in the upcoming election. This decision, he noted, was a reaction to the Biden Administration’s perceived hostility towards the crypto industry.
Tyler Winklevoss has criticized the Biden Administration for its approach to crypto, accusing it of declaring war on the industry. He argued that the administration has utilized various government agencies to intimidate and sue reputable industry players in an attempt to dismantle it.
According to the Gemini co-founder, the actions of the Biden Administration represent an unprecedented abuse of power. He believes this power has been used solely for political gain, to the detriment of innovation, American taxpayers, and the economy.
SEC’s Role in Crypto Regulation
The Winklevoss twins have been outspoken in their dissatisfaction with the U.S. Securities and Exchange Commission (SEC). Tyler Winklevoss emphasized that the SEC has failed to provide any guidelines for the crypto industry, leaving participants uncertain about how to navigate this new asset paradigm.
His brother, Cameron, echoed these sentiments and expressed his support for Trump. He believes that Trump will end the perceived war on crypto initiated by the Biden Administration.
In 2023, the SEC accused Genesis Global and Gemini of 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.
