Donald Trump and Winklevoss twins
Bitcoin donations made by cryptocurrency millionaires Cameron and Tyler Winklevoss to Donald Trump’s presidential campaign have been partially refunded. This happened due to exceeding federal contribution restrictions. The twin brothers donated $1 million in bitcoin to Trump, which is more than the legal limit of $844,600 per person.
Trump embraces cryptocurrency
A representative for the campaign said that the excess money was returned to the donors. However, it is still unknown whether the reimbursement was given in cryptocurrency or its cash equivalent. The contributions are split between 42 GOP state party committees, the Republican National Committee (RNC), Trump’s campaign, and the political action committee (PAC) he leads.
With Winklevoss’ gift, Trump and the cryptocurrency industry are becoming more and more intertwined. The cryptocurrency business sees Trump as a defender of its interests against the encroachment of the current administration in terms of regulation. “President Donald J. Trump is a supporter of bitcoin, crypto, and business,” Tyler Winklevoss wrote on X, formerly known as Twitter.
The twins’ Gemini exchange has presented a lot of complications. One of these difficulties is users’ disagreement over the amounts invested in Gemini Earn. This yield-earning scheme was run in collaboration with the now-bankrupt Genesis. New York Attorney General Letitia James has announced a $50 million recovery for defrauded Gemini customers.
In exchange for Genesis’ bankruptcy settlement with the New York Department of Financial Services, Gemini promised to return at least $1.1 billion. In addition, Genesis settled charges last year after the Securities and Exchange Commission (SEC) sued Gemini and Genesis over the scheme.
What is behind this?
On the campaign trail, Trump has become more open about the Bitcoin industry, realizing its potential to attract new voter demographics. He has received cryptocurrency donations and discussed cryptocurrency policies with industry executives such as Elon Musk.
Trump hosted a meeting with bitcoin miners at his Florida club, Mar-a-Lago, earlier this month. He also pledged to commute the sentence of Ross Ulbricht, who founded the Silk Road internet marketplace, while speaking at the Libertarian Party Convention.
Trump talked about the Winklevoss donation on the All-In podcast. David Sacks, Chamath Palihapitiya, Jason Calacanis, and business person David Friedberg served as the event’s has. He characterized his first meeting with the Winklevoss twins at a fundraiser in San Francisco, sponsored by Sacks and Palihapitiya, calling them “very nice.”
