Prominent crypto figures, the Winklevoss twins, have each donated $1 million in Bitcoin to Donald Trump’s presidential campaign. They have pledged their support for Trump in the upcoming November election, citing their belief that the Biden administration is hostile toward cryptocurrency.
Cameron Winklevoss expressed his support on X, praising Donald Trump as a probusiness, procrypto, and pro-Bitcoin candidate who would put an end to the Biden administration’s crackdown on cryptocurrency. Additionally, Tyler Winklevoss shared a long critique of President Joe Biden’s crypto policies and regulations. “We need to take back our nation,” he declared. “Washington needs to hear from the crypto community loud and clear: attacking us will lead to political collapse.”
Tyler accused the Biden administration of using regulatory bodies to suppress the cryptocurrency industry, undermining their purpose and compromising their integrity. “The current administration is trying to dismantle everything we’ve built. I won’t stand by and let it happen. I will continue to fight for what I believe is right,” he stated.
Earlier this month, during a fundraising event in San Francisco, Trump, the leading Republican presidential candidate, positioned himself as a strong supporter of cryptocurrency, criticizing the Democrats’ efforts to regulate the industry.
According to Forbes, Cameron and Tyler Winklevoss have a net worth of $2.7 billion each. They are currently dealing with regulatory challenges in the crypto sector, partly due to the fallout from the collapse of Sam Bankman-Fried’s now-defunct FTX crypto exchange.
Nearly 20 years ago, the twins famously sued Facebook founder, Mark Zuckerberg, accusing him of stealing their idea for the social-media platform. After the legal battle, they founded the crypto exchange Gemini. Gemini, managed by the two, recently faced a ban on its crypto-lending operations in New York. The ban was a result of allegations that the company misled investors about the risks of its Earn scheme. New York attorney general, Letitia James, claimed that thousands of individuals had been deceived. Gemini announced that it had reached a settlement with the attorney general’s office.
The Winklevoss twins first became well-known for their role in the movie “The Social Network,” which portrayed Facebook’s infancy years. They said Mark Zuckerberg stole their idea for a website called Harvard Connection, which later became Facebook, while they were both students at Harvard University. Facebook settled the lawsuit for $65 million.
Other crypto industry companies such as Marathon Digital Holdings Inc. (NASDAQ: MARA) will be watching to see if the current election cycle puts matters of crypto regulation at the center of future policymaking efforts and what shape such regulation will take.
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