Cryptocurrency moguls Cameron and Tyler Winklevoss have made a significant political move by donating $1 million each in bitcoin to Donald Trump’s presidential campaign. The Winklevoss twins, known for founding the cryptocurrency exchange Gemini Trust, have also pledged their support for the former president in the upcoming election, citing their opposition to Joe Biden’s policies on cryptocurrency.
Cameron Winklevoss announced the donation on X, formerly known as Twitter, declaring, “Trump is pro-Bitcoin, pro-crypto, pro-business. And he will put an end to the Biden Administration’s war on crypto.” This sentiment was echoed by his brother Tyler, who issued a detailed critique of Biden’s approach to cryptocurrency. “It’s time to take our country back,” he proclaimed. “It’s time for the crypto army to send a message to Washington. Attacking us is political suicide.”
Tyler Winklevoss further accused the Biden administration of leveraging regulatory agencies to suppress the crypto industry, asserting that this strategy had “polluted the mission and corrupted the integrity of these agencies.” He vowed to continue the fight against what he perceives as unjust policies, stating, “The Biden Administration has tried to tear all of this down. I am not going to stand by idly and let them. I’m going to continue fighting for what I know to be so right.”
Earlier this month, during a fundraiser in San Francisco, Trump positioned himself as a staunch advocate for cryptocurrency, sharply criticizing Democratic efforts to impose regulations on the sector. This aligns with the Winklevoss twins’ belief that Trump’s presidency would be beneficial for the cryptocurrency market.
The Winklevoss brothers, each with a net worth of $2.7 billion according to Forbes, have faced regulatory challenges themselves. Their exchange, Gemini, has been banned from operating crypto-lending programs in New York following accusations of misleading investors about the risks involved with its Earn scheme. New York Attorney General Letitia James claimed that “hundreds of thousands of people” had been “swindled.” Despite these setbacks, Gemini stated it had reached an agreement with James’s office.
The twins first entered the public eye nearly two decades ago when they sued Mark Zuckerberg, alleging he had stolen the idea for Facebook from them. This legal battle, dramatized in the film “The Social Network,” concluded with a $65 million settlement in favor of the Winklevoss twins.
The collapse of Sam Bankman-Fried’s FTX exchange has had a profound impact on the cryptocurrency industry, intensifying regulatory scrutiny. The Winklevoss twins have been vocal critics of the resulting crackdown, which they argue has hindered the industry’s growth and innovation.
By aligning themselves with Trump, the Winklevoss twins hope to see a shift in policy that will favor the burgeoning cryptocurrency market. Their substantial financial backing and vocal support for the former president underscore their commitment to advocating for what they believe to be the future of finance. As the election approaches, the influence of high-profile crypto advocates like the Winklevoss twins could play a significant role in shaping the discourse around digital currencies and their regulation.
