A bold move in the crypto space
Each twin contributed $1 million (approximately 15.47 BTC) and criticised the Biden administration for its anti-crypto stance. This donation underscores the growing political influence of crypto entrepreneurs and their determination to shape regulatory frameworks.
Bitcoin donations in support of Trump
The Winklevoss twins, co-founders of the Gemini crypto exchange, recently announced that they have each donated $1 million in bitcoin to Donald Trump's campaign. The donation comes at a time when the Biden administration has come under fire for its tough stance on cryptocurrencies. The brothers have criticised the current administration for hampering the cryptocurrency sector through increased regulation, security concerns and oversight, while promoting the introduction of a central bank digital currency (CBDC). Tyler and Cameron Winklevoss have accused the Biden administration of using federal power against the crypto industry, drawing parallels to the Obama administration's Operation Choke Point. They argue that current policies are designed to stifle innovation and growth in the crypto sector. In addition, the Winklevoss twins have announced that Gemini users can now donate to crypto-friendly political figures such as Trump.
Support for pro-crypto politicians
The Winklevoss twins have also made significant contributions to the Fairshake Political Action Committee, which supports pro-crypto candidates. Their financial involvement aims to influence local political races and promote legislation beneficial to the crypto industry. These actions highlight the growing political clout of crypto entrepreneurs and their ambitions to shape the regulatory landscape.
Trump's growing involvement with cryptocurrencies
The Winklevoss twins' move follows Trump's recent openness to cryptocurrency donations to his campaign, a move that benefits his upcoming presidential bid. Recently, about a dozen bitcoin mining executives and experts met with former President Donald Trump at his Mar-a-Lago Club in Palm Beach, Florida, to discuss the benefits and potential of bitcoin. This meeting was the first time Trump had met with bitcoin network technologists. During the meeting, it was revealed that Trump has become increasingly positive about cryptocurrencies and is now accepting donations in digital currency. He has pledged to defend the rights of those who hold their own coins and has expressed concerns about a central bank digital currency. Trump has also promised that all future bitcoins should be mined in the US if he returns to the White House.
Promoting US ASIC production
Another key topic at the meeting was the promotion of US-manufactured ASICs (Application-Specific Integrated Circuits) designed specifically for bitcoin mining. Jayson Browder of Marathon Digital Holdings brought one of these devices to emphasise to Trump the importance of American-made chips and the need for measures to protect domestic production.
