- The Winklevoss twins donated 30.94 Bitcoin, worth $2 million, to Trump’s campaign.
- They oppose the Biden administration’s regulatory stance on crypto.
- Gemini founders aim to rally the crypto community and influence regulations.
The Winklevoss twins, known for their significant contributions to the cryptocurrency sector, have donated 30.94 Bitcoin, worth $2 million, to Donald Trump’s campaign.
Cameron and Tyler Winklevoss, the founders of the cryptocurrency exchange Gemini, made the donation to support Trump’s pro-crypto stance. They believe his policies will go against what they see as anti-crypto actions by the current administration.
This sizable donation comes after Trump recently supported the cryptocurrency industry in his campaign speeches. The creators of Gemini have been vocal in their criticism of the Biden administration, claiming that the government is using its regulatory agencies to target the cryptocurrency industry.
They argue that this approach is similar to ‘Operation Choke Point’, a previous initiative that restricted certain industries’ access to banking services. They argue that these actions affect individuals as well as businesses, including themselves and their firm, Winklevoss Capital.
The twins have always been against the Biden administration’s position on cryptocurrencies. They point to instances of what they consider to be excessive authority by the regulators, like the SEC and banking system being used against cryptocurrency companies.
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Recently, the SEC had taken regulatory enforcement actions against their company, Gemini. The twins contend that the lack of clear regulations has made it possible for the SEC to bring multiple lawsuits against cryptocurrency companies, which has hampered innovation and caused uncertainty. Their support of Trump is intended to unite the cryptocurrency community and demonstrate the necessity of a pro-business regulatory framework.
The donation made by the Winklevoss twins is a significant development in the relationship between politics and digital currencies. Their donation to Trump’s campaign highlights the importance of political support in determining the direction of the cryptocurrency market.
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