Winklevoss twins donate  million in bitcoin to support 'crypto president' Trump

Winklevoss twins donate $2 million in bitcoin to support 'crypto president' Trump

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Billionaire Winklevoss twins, founders of cryptocurrency company Geminiare in the headlines once again with their latest announcement. On Thursday, Tyler and Cameron Winklevoss revealed on social media platform X that they each donated $1 million Bitcoin For support Donald Trumpfor the 2024 presidential campaign. The move adds the twins to a growing number of crypto executives backing the Republican candidate amid heightened regulatory scrutiny.
Tyler Winklevoss Criticism of the President Joe BidenTaking aim at the Biden administration in his post, he said, “Over the past few years, the Biden administration has openly declared war on crypto.It has weaponised a number of government agencies to intimidate, harass and prosecute good people in our industry, in an effort to destroy our industry.” He added that Trump was “pro-bitcoin, pro-crypto and pro-business”.
Gemini's legal battles and settlements
In recent years, Gemini has faced significant legal challenges. In February, the New York Department of Financial Services (NYDFS) announced that Gemini would return at least $1.1 billion to customers of its distressed loan program, which resulted from a third-party bankruptcy. Additionally, the company agreed to pay a $37 million fine for “unsafe and unfair practices.” The U.S. Securities and Exchange Commission also settled a lawsuit with Gemini for $21 million, while the firm did not admit or deny wrongdoing.
Despite these legal hurdles, the Winklevoss twins remain influential figures in the crypto industry. They first gained widespread attention by suing Facebook CEO Mark Zuckerberg, alleging that he stole their idea for the social networking site. The lawsuit resulted in a settlement in 2008, in which the twins received cash and Facebook stock.
Trump's stance on cryptocurrencies
Donald Trump has established himself as a strong supporter of the cryptocurrency sector. At a recent fundraiser in San Francisco attended by tech executives, he criticized Democratic efforts to regulate the industry and emphasized his commitment to being a “crypto president.” Republican National Committeewoman Harmeet Dhillon said Trump “called crypto important and stressed that he is very supportive of the sector,” though he did not provide specific details about his proposed policies.
The Growing Political Influence of the Crypto Industry
The cryptocurrency industry is making a concerted effort to influence US political outcomes as it faces increasing regulatory challenges. Major bankruptcies in 2022 exposed fraud and misconduct within the industry, leading to intense scrutiny from regulators. In response, the crypto sector is investing heavily in political campaigns, with Coinbase recently launching a $2 million ad campaign targeting Latino voters. Former Los Angeles Mayor Antonio Villaraigosa, associated with the campaign, highlighted the systemic barriers faced by communities of color in wealth-building, advocating for crypto as a viable alternative.
Regulatory environment and future implications
The Biden administration has expressed its desire to develop a regulatory framework for digital currencies, following an executive order in 2022 aimed at ensuring the responsible development of digital assets. It has sought clear guidelines from regulatory bodies such as the SEC and the Commodity Futures Trading Commission.
(with inputs from agencies)

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