Tyler and Cameron Winklevoss, renowned crypto billionaires on Thursday announced their support for former President Donald Trump’s 2024 presidential campaign. They revealed a $1 million donation each in Bitcoin. This move makes them the latest high-profile crypto executives to back the Republican candidate.
Donald Trump gets support
The Winklevoss twins revealed their donations on the social media platform X but did not specify where the funds were moved. Twin brothers criticized the Biden administration by claiming it had “openly declared war on crypto” and praised Trump as “pro-Bitcoin, pro-crypto, and pro-business.”
Trump has positioned himself as an advocate for the cryptocurrency sector, contrasting himself with the regulatory stance of the current Democratic administration. At a recent fundraiser in San Francisco with tech executives, Trump criticized the Democrats’ efforts to impose regulations on the crypto industry.
The cryptocurrency sector is ramping up its political involvement in the U.S. as it faces increased scrutiny from regulators. The scrutiny intensified following several major crypto firm bankruptcies in 2022, which eroded investor confidence and exposed significant fraud and misconduct within the industry.
In February, the New York Department of Financial Services (NYDFS) mandated that Gemini return at least $1.1 billion to customers affected by a third party’s bankruptcy. Gemini also agreed to pay a $37 million fine for unsafe and unsound practices. Additionally, the U.S. Securities and Exchange Commission (SEC) settled with Gemini for $21 million over similar allegations, with the company neither admitting nor denying the claims.
What’s next?
The Winklevoss twins, who gained prominence after suing Facebook (now Meta) and its CEO Mark Zuckerberg for allegedly stealing their idea for the social networking site, settled in 2008 for cash and Facebook stock.
The Biden administration did not immediately respond to requests for comment on the Winklevoss twins’ donations or the broader crypto sector’s support for Trump.
Former President Trump, who previously criticized cryptocurrencies during his tenure in the White House, has recently embraced them. He has been actively engaging with the crypto community, attempting to garner support from both young enthusiasts and wealthy industry executives. Following a meeting with Bitcoin miners at his Mar-a-Lago estate, Trump urged cryptocurrency users to support him, positioning himself as a defender against what he called “Biden’s hatred of Bitcoin.”
