Cameron and Tyler Winklevoss, founders of crypto exchange Gemini, donated $2 million in Bitcoin to former US president Donald Trump’s presidential campaign.
This move shows the crypto industry’s growing political influence and its efforts to shape regulatory frameworks in Washington.
Winklevoss Twins Fund Trump Campaign to Combat Biden’s Crypto Policies
On Thursday, the Winklevoss twins announced they had each donated $1 million in Bitcoin to support Trump’s presidential campaign. However, both Tyler and Cameron did not share further details regarding the donations.
Tyler Winklevoss emphasized the need to combat President Joe Biden’s administration’s stance on the crypto industry. The Biden Administration has faced criticism from crypto advocates for its regulatory approach. The twins claim this approach has been overly aggressive and detrimental to the industry’s growth.
Read more: Who Are Cameron and Tyler Winklevoss? A Profile on the Twins
“Over the past few years, the Biden Administration has openly declared 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 wrote on his X (Twitter) account.
Furthermore, Tyler Winklevoss detailed several grievances, including the alleged weaponization of the banking system against crypto companies through Operation Choke Point 2.0. He described how federal agencies have pressured banks to avoid doing business with crypto firms. These actions resulted in significant operational challenges and financial losses.
Moreover, he criticized the Securities and Exchange Commission (SEC) for failing to establish clear regulatory guidelines for the crypto industry. He argued that the SEC’s reliance on outdated rules has created uncertainty and hindered the development of blockchain technologies.
“The Biden SEC has given itself carte blanche to bring litigation against any crypto project and company in the United States,” Tyler stated.
After Tyler and Cameron announced their donation, Gemini revealed that it now enables cryptocurrency contributions for pro-crypto candidates. The company encouraged any US political campaigns interested in accepting crypto donations to contact them via email.
Crypto Influence Grows: Major Donations to Shape 2024 Election
The Winklevoss twins have a history of donating substantial amounts to political efforts. In January, BeInCrypto reported they donated $4.9 million to Fairshake, a super political action committee (PAC) supporting pro-crypto politicians.
The Winklevoss twins’ endorsement and substantial financial support reflect a broader trend of crypto executives rallying behind candidates who advocate for less stringent regulations. Fairshake has become a significant player in the 2024 election cycle, raising approximately $169 million so far.
The PAC has focused its efforts on House and Senate races, adopting a bipartisan approach to influence policymaking in Washington. Notable crypto companies, including Coinbase, Ripple, and Andreessen Horowitz (a16z), have also contributed to Fairshake PAC.
Ripple CEO Brad Garlinghouse described the current period as a defining moment for the crypto industry. He emphasized the need for coordinated efforts to influence policy and counteract the Biden Administration’s stance.
The pro-crypto candidates running in key Senate races further highlight the strategic importance of political engagement for the industry. In Ohio, crypto skeptic Senate Banking Chairman Sherrod Brown faces Republican Bernie Moreno, a blockchain startup founder. Additionally, in Montana, Republican challenger Tim Sheehy has praised crypto for representing the future of finance, while Senator Jon Tester has shown signs of reconsidering his initial skepticism.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
While traditional issues like the economy and social policies have historically dominated electoral concerns, the influence of the crypto industry on voters now becomes a subject of debate. Organizations like Stand with Crypto and Fairshake PAC aim to elevate the profile of crypto-related issues and demonstrate the industry’s potential impact on the financial system.
The current crypto influence in politics is particularly interesting, considering that Bitcoin, as the pioneer of cryptocurrency, has been apolitical. Kadan Stadelmann, Komodo’s CTO, shared his perspective on this matter.
“Bitcoin as an industry was apolitical for so long, yet now it is throwing its weight behind Donald Trump and his MAGA movement, which is different on the coast than in middle America, where it is more extreme. It’s now supporting Republicans because of the stance Democrats take towards Bitcoin and crypto, like Warren’s anti-self-custody stance. Democrats can fix this, but they have to do so now in an election year,” he told BeInCrypto.
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