Trump receives 2m Bitcoin donation from Gemini founders
Cameron and Tyler Winklevoss, the billionaire twins behind the Gemini crypto exchange, have generously contributed $1 million each in Bitcoin (BTC) to former President Donald Trump as a response to the Securities and Exchange Commission’s (SEC) crackdown on cryptocurrencies.
In a statement, Tyler Winklevoss expressed his support for Trump and revealed his intention to vote for him in the upcoming elections. He cited the Biden Administration’s hostile stance towards crypto as the driving force behind their decision. According to Winklevoss, the actions of the administration have demonstrated an unprecedented abuse of power, prioritizing political gain over innovation, the American taxpayer, and the economy.
The Winklevoss twins have been vocal about their dissatisfaction with the SEC, accusing the regulatory body of failing to provide clear guidelines for the crypto industry. Tyler Winklevoss emphasized that the SEC’s lack of regulatory framework has made it challenging for participants in the crypto market to navigate the industry effectively.
Cameron Winklevoss echoed his brother’s sentiments and expressed his belief that Trump will put an end to the Biden Administration’s aggressive stance towards cryptocurrencies.
In early 2023, Genesis Global and Gemini faced charges from the SEC for offering and selling unregistered securities through the Gemini Earn program. This program suffered a downfall due to Genesis’ bankruptcy, which was triggered by the crypto market crash in November 2022.
As part of their ongoing efforts to resolve the situation, Gemini has announced its plan to reimburse Earn customers with a total of $2.18 billion.
The Winklevoss twins’ substantial donation to Trump reflects their commitment to protecting the crypto industry and their belief that Trump is the candidate who will champion crypto interests in the future.
