- Tyler Winklevoss criticized the Biden administration for ignoring the voices of pro-Trump people in crypto, rating it petty.
- SEC under Gary Gensler has turned its focus to key players such as Kraken and Binance creating tension.
- The Winklevoss twins were excluded from a crypto roundtable after endorsing Trump, highlighting political friction.
In a social media post, Tyler Winklevoss charged that the US government’s interactions with the Bitcoin business lacked good faith. He explained that because he and his brother Cameron supported Republican contender Donald Trump, they were not allowed to take part in a cryptocurrency discussion. The Biden administration’s resistance to working with the Bitcoin business was criticized by Winklevoss, who called the move “petty.”
Crypto Industry Exclusion and Criticisms
Winklevoss emphasized that the exclusion reflected a missed opportunity to mend relations with the crypto community. Vice President Kamala Harris’s cancellation from the Bitcoin Conference was slammed by him as a missed opportunity to mend the relationship.
Thus, before the next election, Winklevoss pleaded with the US government to provide clarification regarding the future Securities and Exchange Commission (SEC) chair. He argued that in order to demonstrate that the bitcoin industry is handled properly, this level of transparency is necessary.
Gary Gensler, the agency’s director, has ordered the SEC to file multiple enforcement actions against Bitcoin businesses. Notable targets include Binance, Coinbase, and Kraken.
The agency’s regulatory stance, according to critics, makes the US cryptocurrency market unfriendly. Winklevoss pointed out that he and his twin brother had been invited to a crypto roundtable in Washington DC, only to be disinvited after endorsing Trump.
Political Contributions and Regulatory Tensions
The Winklevoss twins contributed over $1 million in Bitcoin to Trump’s campaign. However, the donations were partially refunded as they exceeded the legal limit. Additionally, in June, New York recovered $50 million in digital assets from Gemini in a settlement related to the Gemini Earn program. This settlement also banned Gemini from lending to crypto.
Winklevoss criticized Vice President Harris’s decision to decline an invitation to the Bitcoin Conference. He accused the administration of waging an “all-out war on the crypto industry.” Despite this, the conference organizers invited Harris to speak, extending an olive branch for dialogue. Winklevoss expressed frustration over her refusal, warning of lasting repercussions and stating, “Our industry won’t forget this.”
Besides Winklevoss, Tierion’s CEO, Wayne Vaughan, also criticized the administration’s approach. He suggested that genuine reconciliation requires policy changes, including dismissing Gary Gensler and ending Operation Chokepoint 2.0.
Vaughan emphasized the need for pro-crypto legislative efforts. As midterm elections approach, the crypto community’s response to perceived regulatory overreach will likely impact political discourse and market dynamics.
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