The billionaire Winklevoss twins, founders of the crypto firm Gemini, announced on Thursday that they had each contributed $1m in Bitcoin to support presidential candidate Donald Trump.
On the social media platform X, Tyler and Cameron Winklevoss disclosed their contributions. The Bitcoin was sent to an address that they did not specify.
Tyler Winklevoss justified his support for Trump by pointing to the Biden Administration’s aggressive “war against crypto.” “It has weaponized multiple government agencies to bully, harass, and sue the good actors in our industry in an effort to destroy it,” he said.
He added that the SEC has not created any new rules for the cryptocurrency sector under Biden’s leadership. As a result, participants are now lacking clear direction for overcoming regulatory obstacles. He also attacked the SEC for continuing to operate under antiquated regulations that were developed many years ago—many years before the widespread use of telephones and more than fifty years before the creation of the internet.
I just donated $1 million in bitcoin (15.47 BTC) to @realDonaldTrump and will be voting for him in November. Here’s why:
— Tyler Winklevoss (@tyler) June 20, 2024
Over the past few years, the Biden Administration has openly declared war against crypto. It has weaponized multiple government agencies to bully, harass, and… pic.twitter.com/qOQSpmanBR
SEC Actions Spark Crypto Industry Criticism as Trump Signals Pro-Crypto Stance
The crypto industry has widely criticized the Biden administration and SEC Chair Gensler for their stringent regulatory stance on digital assets, in addition to the Winklevoss twins. In recent years, the SEC has filed lawsuits against a number of well-known cryptocurrency companies.
In the meantime, since last month, Republican presidential candidate Trump has begun to accept cryptocurrency contributions for his campaign, demonstrating his support for the sector. Trump has declared that if reelected, he would stop being hostile to cryptocurrencies in the US.
Trump Woos Crypto Miners, Slams Biden
He highlighted how miners contribute to energy grid stabilization during a recent meeting with cryptocurrency miners, stating that he “loves” and understands the technology. If he is elected president, he will support miners, he pledged.
Biden has also come under fire from Trump, who implied that the senator was ignorant of cryptocurrencies. Additionally, he has attacked Democrats, saying they are strongly opposed to cryptocurrency.
Bloomberg revealed last month that Trump and billionaire Elon Musk had discussed cryptocurrency policy. Musk, though, refuted this, saying he was “pretty sure” he had never discussed cryptocurrency with Trump.