In excess of the legal limit of $844,600, the proprietors of the Gemini crypto exchange each contributed $1 million in Bitcoin to Trump’s campaign.
The Winklevoss twins have received a refund of more than $300,000 from Trump’s campaign. The cover art and illustration are courtesy of CryptoSlate. The image contains a combination of content, which may include AI-generated content.
The Trump 47 Committee has collectively refunded Cameron and Tyler Winklevoss approximately $310,800 as a result of their exceeding the maximum donation amount permitted by federal law, according to a campaign official who spoke with Bloomberg.
The presumptive Republican presidential nominee for the 2024 elections, former president Donald Trump, received $1 million in Bitcoin (BTC) from the proprietors of Gemini crypto exchange and Winklevoss Capital Management.
Federal law permits presidential campaigns to solicit a maximum donation of $844,600 from each individual. Nevertheless, it is uncertain whether the refund was in Bitcoin or its currency equivalent.
Trump’s presidential campaign, the Republican National Committee, the Republican State Party Committees, and the leadership political action committee that pays his legal expenses are all recipients of the donated funds, according to the Bloomberg report.
The Winklevoss brothers’ donation refund announcement comes just days after they condemned President Joe Biden for his “anti-crypto” policies and praised Trump as the “pro-crypto” alternative.
“On June 20, Tyler Winklevoss wrote in a post on X that President Donald J. Trump is the pro-business, pro-crypto, and pro-Bitcoin choice.”
Trump has reiterated his commitment to laxening crypto policies in the event of his reelection in the past few weeks. If re-elected, Trump declared on June 7 that he would terminate Biden’s “war on crypto” within an hour of assuming office. Additionally, he identified himself as a “crypto president.” Trump also intends to transform the United States into a Bitcoin mining juggernaut.
Trump has also engaged in discussions with Elon Musk regarding crypto policy, according to the Bloomberg report.
In the crypto industry, the Winklevoss twins are not the sole advocates for Trump’s re-election. Suppose, Brian Morgenstein, the director of policy at Riot Platforms, a Bitcoin miner, stated:
“President Trump will safeguard your right to own Bitcoin, mine Bitcoin, transact with Bitcoin, and, for many of us, to work in the Bitcoin industry.”
In late May, Trump also pledged to commute the life sentence of Ross Ulbricht to time-served on the first day following his re-election. This would result in the liberation of the creator of the now-defunct darknet marketplace Silk Road.
According to Bloomberg, Brian Hughes, a senior adviser to Trump’s campaign, stated: “Democrats and Biden are targeting cryptocurrency innovators and other technology professionals.” President Trump is prepared to foster American leadership in this and other emergent technologies, while Biden stifles innovation through increased regulation and taxes.
The brothers’ Gemini exchange previously operated the Gemini Earn program, which enabled consumers to earn a yield on their assets. This program is now defunct. Genesis, which declared bankruptcy in January 2023, shared responsibility for the initiative.
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