The billionaire Winklevoss twins, founders of the cryptocurrency company Gemini, announced on Thursday that they had each donated $1 million in Bitcoin to support Donald Trump’s presidential campaign. This move aligns them with other crypto executives backing the Republican candidate.
Tyler and Cameron Winklevoss made the announcement on social media platform X, highlighting their discontent with the current Democratic administration’s stance on cryptocurrency. Tyler Winklevoss criticized President Joe Biden’s administration for what he described as an “openly declared war on crypto,” praising Trump as “pro-Bitcoin, pro-crypto, and pro-business.”
Trump has increasingly positioned himself as a defender of the cryptocurrency industry, recently promoting his pro-crypto stance at a San Francisco fundraiser with tech executives. He criticized Democrats’ regulatory efforts, which he argues stifle innovation in the sector.
The cryptocurrency industry is stepping up its political engagement as it faces heightened scrutiny from U.S. regulators. The sector has been under a microscope since major crypto firm bankruptcies in 2022, which revealed widespread fraud and misconduct, causing significant financial losses for investors.
In February, Gemini reached a settlement with the New York Department of Financial Services (NYDFS) involving the return of at least $1.1 billion to customers affected by a third party’s bankruptcy. The company also agreed to pay a $37 million fine for unsafe and unsound practices. This settlement followed accusations of wrongdoing by both U.S. and New York state financial regulators.
While the Winklevoss twins did not specify the exact recipients of their donations, their support for Trump underscores the growing political divide over the future of cryptocurrency regulation in the United States.
