Cameron and Tyler Winklevoss, the billionaire twins who co-founded the Gemini cryptocurrency exchange, have made significant donations to former President Donald Trump. Each brother has contributed $1 million worth of Bitcoin (30.94 BTC in total) to support Trump’s potential bid for the presidency in 2024. Tyler Winklevoss explained that their decision was influenced by the Biden Administration’s unfavorable stance on cryptocurrencies, which they believe has resulted in the abuse of power and hindered innovation, economic growth, and the well-being of American taxpayers.
The Winklevoss twins have been openly critical of the U.S. Securities and Exchange Commission (SEC). They argue that the SEC has failed to provide clear regulations for the crypto industry, leaving participants uncertain about compliance requirements. Cameron Winklevoss expressed his belief that Trump would take action to halt the Biden Administration’s crackdown on cryptocurrencies.
In early 2023, both Genesis Global and Gemini faced legal action from the SEC. They were accused of offering and selling unregistered securities to retail investors through the Gemini Earn program, which ultimately collapsed due to Genesis’ bankruptcy following the crypto market crash in November 2022.
As part of their ongoing efforts to address the fallout from this incident, Gemini has announced its intention to repay $2.18 billion to customers who used the Earn program.