Winklevoss Twins Support Trump with $2 Million Bitcoin Donation

The billionaire Winklevoss twins, founders of the cryptocurrency firm Gemini, announced on Thursday that they have each contributed $1 million in Bitcoin to support presidential candidate Donald Trump. Tyler and Cameron Winklevoss shared the news on social media platform X, though they did not disclose the specific Bitcoin address used for the contributions.

Reasons for the Donation

Tyler Winklevoss cited the Biden Administration’s aggressive stance against the cryptocurrency industry as his reason for supporting Trump. He accused the administration of using various government agencies to “bully, harass, and sue” legitimate actors in the crypto space, aiming to undermine the industry.

He further criticized the SEC under Biden for failing to establish new regulations for cryptocurrencies, leaving industry participants without clear guidance and relying on outdated rules set long before modern technology like the internet.

Crypto Industry Criticism of SEC Actions

The crypto industry has broadly criticized SEC Chair Gary Gensler and the Biden administration for their stringent regulatory approach. The SEC has pursued legal actions against several prominent crypto entities, drawing ire from the industry.

In contrast, Trump has shown a pro-crypto stance, accepting cryptocurrency donations for his campaign since last month. He has suggested that, if re-elected, he would cease the government’s adversarial actions towards the crypto industry.

Trump’s Support for Crypto Miners

In a recent meeting with crypto miners, Trump expressed his understanding and support for cryptocurrency, emphasizing how miners help stabilize the energy grid. He promised to support miners if he wins the presidency.

Trump has also criticized Biden for his alleged lack of understanding of cryptocurrency and has accused Democrats of being strongly opposed to the crypto industry.

Trump and Musk on Cryptocurrency Policy

Bloomberg reported last month that Trump had discussions about cryptocurrency policy with billionaire Elon Musk. However, Musk denied this, stating he was “pretty sure” he had never talked about crypto with Trump.