Winklevoss Twins Contribute $2 Million in Bitcoin to Donald Trump’s Presidential Campaign

Winklevoss Twins Donate $2 Million in Bitcoin to Trump’s Campaign, Criticize Biden Administration’s Anti-Crypto Stance and SEC’s Regulatory Ambiguity.

Posted by: Jimmy Aki

Updated Jun 21st, 2024 2 minutes read

Key Takeaways:

The Winklevoss Twins donated $1 million each in Bitcoin to Trump's campaign.
Their donation is a testament to their disdain for the Biden Administration's anti-crypto stance.
Tyler Winklevoss criticized the SEC for unclear crypto regulations.

The Crucial Points Behind Winklevoss Twins' Donation to Donald Trump

On June 20, Tyler and Cameron Winklevoss, co-founders of the Gemini exchange, donated $2 million worth of Bitcoin to support Donald Trump's presidential campaign.

Tyler Winklevoss explained his support for Donald Trump's presidential bid on X, citing Trump's crypto-friendly and business-oriented stance as key reasons.

The crypto executive urged fellow crypto enthusiasts to back Trump, emphasizing the importance of securing a favorable political climate for the future of crypto in the country.

I just donated $1 million in bitcoin (15.47 BTC) to @realDonaldTrump 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… pic.twitter.com/qOQSpmanBR
— Tyler Winklevoss (@tyler) June 20, 2024

Tyler Winklevoss's critique also touched on the US Securities and Exchange Commission (SEC), the financial watchdog.

The billionaire accused the federal agency of failing to establish any clear rules for the crypto industry, leaving participants in the dark about how to navigate the regulatory landscape.

Tyler likened the SEC's approach to entrapment. The agency makes it impossible to follow the rules but still takes legal action against companies for non-compliance. He claimed the SEC has repeatedly used this tactic against companies in the crypto space that are trying to do the right thing.

The Winklevoss Twins' support for Trump is rooted in their ongoing disputes with the Biden administration, which have culminated in a series of high-profile legal battles.

Last year, the SEC charged Gemini and Genesis with illegally offering and selling unregistered securities to retail investors through the Gemini Earn program.

In the aftermath, Genesis reached a $21 million civil penalty settlement with the SEC, while Gemini committed to contributing $50 million to the Earn users’ recovery.

Gemini announced that earn users received $2.18 billion of their digital assets in kind today. They reached a settlement in principle with Genesis and other creditors in the Genesis Bankruptcy, which will result in all Earn users receiving 100% of their digital assets back in…
— Wu Blockchain (@WuBlockchain) May 29, 2024

Furthermore, Gemini resolved a lawsuit with New York Attorney General Letitia James by agreeing to return $50 million in digital assets, settling allegations of misleading customers about the risks tied to a failed investment program.

NY Attorney General Letitia James recovered apprx $50M from Gemini Trust Company, LLC for over 230,000 investors who were defrauded through the Gemini Earn program.https://t.co/j0vNikrsTL. pic.twitter.com/xBfP1v42TX
— Max Dilendorf (@MaxDilendorf) June 14, 2024

These recent litigations have fueled the Winklevoss Twins' donation and endorsement of Trump. Moreover, they have launched a campaign finance initiative to rally fellow crypto enthusiasts to support pro-crypto candidates.

How Does This Impact Donald Trump's Presidential Campaign?

As expected, the Winklevoss Twins' donations will bolster Trump's financial prowess and help amplify his message. However, the impact of their support extends beyond mere economics; it also lends credibility to Trump's brand.

As influential figures in cryptocurrency, their public endorsement will resonate with other crypto enthusiasts and investors. Many in the crypto community are disenchanted with the Biden administration's regulatory stance.

This support would further position Trump as a pro-crypto candidate. In addition, it could expand his voter base within the tech-savvy and investment-focused communities.

Remember the presidential candidate hosted Bitcoin mining executives at Mar-a-Lago, unveiling a plan to ensure the remaining Bitcoins are “made in America.”

The Winklevoss twins' donations are part of a larger trend of substantial contributions from other prominent business figures.

Other notable donors include Jeffrey Sprecher, CEO of Intercontinental Exchange, and his wife, Kelly Lynn Loeffler, a former U.S. senator. Joe Ricketts, founder and former CEO of TD Ameritrade, is also a donor. Additionally, Robert Bigelow, owner of Budget Suites of America and founder of Bigelow Aerospace, has contributed to the campaign.

Former Sen. Kelly Loeffler and her husband Jeff Sprecher are hosting an Atlanta fundraiser for Trump after the June 27 debate. $10k get-in price. The two are the combined top donors for Trump in Georgia this cycle, with $2.6M (so far) in contributions to his comeback bid. #gapol pic.twitter.com/UhFfpEDAkt
— Greg Bluestein (@bluestein) June 17, 2024

This collective support from influential crypto and business leaders underscores a broader endorsement of Trump’s campaign across the board.

Jimmy Aki

Drawing from his background in economics, Jimmy has monitored blockchain development for years, firmly believing in its power to democratise finance. Beyond offering commentary on the latest crypto developments, he also spends his time analysing open-source codes of promising projects on GitHub. Jimmy holds Bitcoin and Ethereum.