Winklevoss twins, founders of the Gemini cryptocurrency exchange, have each contributed $1 million in Bitcoin to former President Donald Trump’s campaign for the 2024 U.S. presidential election. This donation, totalling 30.94 BTC, underscores their discontent with the current administration’s stance on cryptocurrency regulation.
Winklevoss Twins founders of the Gemini cryptocurrency exchange Back Trump Amid Crypto Regulatory Tensions
Tyler Winklevoss announced the donation on social media, highlighting his reasons for supporting Trump. He criticized the Biden Administration for what he described as a hostile stance toward the cryptocurrency industry. According to Tyler, this administration has “weaponized multiple government agencies to bully, harass, and sue the good actors in our industry in an effort to destroy it.”
The twins’ donation, totalling 30.94 BTC (approximately $2 million), comes as they express frustration over what they see as the U.S. government’s oppressive tactics against crypto innovation. Tyler accused the administration of engaging in an “unprecedented abuse of power” that he believes undermines both American innovation and the economy.
A Call for Regulatory Clarity
Cameron Winklevoss echoed his brother’s sentiments, emphasizing the need for clearer regulatory guidance. The twins have been vocal critics of the U.S. Securities and Exchange Commission (SEC), arguing that the SEC has failed to provide a clear regulatory framework for the burgeoning crypto industry. Cameron believes that Trump if re-elected, will “put an end to the Biden Administration’s war on crypto.”
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The SEC has been a focal point of contention for the Winklevoss twins. In early 2023, the SEC charged Genesis Global and Gemini with offering and selling unregistered securities through the Gemini Earn program. This program collapsed after Genesis declared bankruptcy in the aftermath of the November 2022 crypto market crash.
The Battle Over Crypto Regulation
The Winklevoss twins’ public support for Trump underscores the broader debate over cryptocurrency regulation in the United States. The twins argue that the current administration’s approach has stifled innovation and created an uncertain environment for investors and entrepreneurs in the crypto space.
In his statement, Tyler Winklevoss pointed to the lack of regulatory clarity as a major issue. “The SEC has not written a single rule for the crypto industry to help any of its participants understand how to navigate the regulatory landscape for this new asset paradigm,” he said. The twins believe that Trump’s return to power could bring a more favourable regulatory environment for cryptocurrencies.
Conclusion
The Winklevoss twins’ donation to Trump highlights the increasing politicization of cryptocurrency regulation in the United States. As the 2024 presidential election approaches, the future of crypto regulation remains a contentious issue, with major industry players like the Winklevoss twins taking clear stances. Their support for Trump reflects their hope for a more supportive regulatory framework that could foster innovation and growth in the crypto sector.
