Gushiken Yona
The Winklevoss twins, pioneers in the crypto space and founders of the crypto exchange Gemini, have generously contributed 30.94 Bitcoin, worth $2 million, to former President Donald Trump’s campaign. Their endorsement comes as a response to Trump’s unwavering pro-crypto stance and a desire to counter what they perceive as the Biden administration’s ‘war on crypto.’
Cameron and Tyler Winklevoss’ substantial donation to the presumptive Republican nominee comes a few weeks after he championed the cryptocurrency industry through his campaign speeches.
In their statements, the Gemini founders accused the current Biden administration of using regulatory agencies to target the crypto industry, drawing parallels to past practices known as Operation Choke Point. They argued that these actions extended beyond companies to individuals associated with the industry, including themselves and their investment firm, Winklevoss Capital.
Tyler, in a recent X post, stated, “I just donated $1 million in bitcoin (15.47 BTC) to and will be voting for him in November. Here’s why: 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 added, “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. There is nothing the Biden administration can do or say at this point to pretend otherwise.”
The Winklevoss twins have been vocal about their opposition to the Biden administration’s policies, which they believe have been detrimental to the cryptocurrency industry. They highlighted several instances of what they see as regulatory overreach, including the alleged weaponization of the banking system and the Securities and Exchange Commission (SEC) against crypto companies.
Cameron, in a separate X post, endorsed Trump, saying, “I also just donated $1 million in bitcoin (15.47 BTC) to Trump and will be voting for him in November. Here’s the TL;DR — President Trump is pro-Bitcoin, pro-Crypto, pro-Business, and he will put an end to the Biden administration’s war on crypto. Onward!”
Last week, Trump promised to end what he called Biden’s war on crypto. “I will end Joe Biden’s war on crypto, and ensure that the future of crypto and the future of #Bitcoin will be made in America, with a lot of it being done right here in Florida,” he said.
The donation from the Winklevoss twins is a significant show of support for the cryptocurrency industry and highlights the ongoing regulatory challenges faced by the sector. Gemini has itself been at the receiving end of regulatory enforcement actions by the SEC. The twins argue that the lack of clear rules for the crypto industry has allowed the U.S. SEC to bring numerous litigations against crypto projects and companies, creating an environment of uncertainty and stifling innovation.
This development marks a pivotal moment in the intersection of cryptocurrency and politics, as prominent figures in the crypto space take an active role in shaping the future of the industry through political support and advocacy.
The endorsement and substantial financial support from the Winklevoss twins aim to rally the crypto community and send a strong message to Washington about the importance of supporting innovation and fostering a regulatory environment that allows for the growth and development of digital assets.
