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Winklevoss Twins Back Trump, Criticize Biden

Bitcoin Moguls Endorse Former President

June 21, 2024 09:46 AM

Reading time: 1 minute, 41 seconds

TL;DR Tyler and Cameron Winklevoss have endorsed Donald Trump for the 2024 Presidential election. They announced their support with a $2 million Bitcoin donation. The twins criticized the Biden Administration's policies on crypto.

A Bold Endorsement

Tyler and Cameron Winklevoss, co-founders of Gemini, have thrown their weight behind former President Donald Trump. The twins expressed their support via social media on June 20, declaring Trump the 'pro-Bitcoin, pro-crypto, and pro-business choice.' They announced a substantial donation to Trump's campaign, each pledging $1 million in Bitcoin.

Significant Financial Contribution

The Winklevoss twins' endorsement comes with hefty financial backing. They collectively donated 30.94 BTC, equivalent to $2 million at the time of the announcement.

This marks a significant moment in the ongoing debate over crypto regulation in the US. The funds are likely directed toward political action committees (PACs) that support Trump, as direct contributions to candidates have legal limits.

Criticism of Biden's Policies

Tyler Winklevoss took to Twitter to criticize the Biden Administration's hostile stance toward the crypto industry. He accused the administration of using federal agencies to stifle innovation and harass crypto companies.

'The Biden Administration has openly declared war against crypto,' he tweeted. He cited actions by the OCC and FDIC as part of a revived and intensified 'Operation Choke Point.'

'This Administration's actions have been nothing short of an unprecedented abuse of power wielded entirely for twisted political gain,' wrote Tyler Winklevoss.

Regulatory Challenges

Winklevoss also aimed for the SEC's approach to crypto regulation. He argued that the SEC's primary role should be to establish new industry rules.

'The SEC has not written a single rule for the crypto industry to help any of its participants understand how to navigate the regulatory landscape,' he stated. He criticized the application of the Howey Test, which he believes could be more practical for modern digital assets like Ethereum.

A Call to Action

The endorsement and financial support for Trump signal a call to action from the Winklevoss twins to the crypto community. 'It's time for the crypto army to send a message to Washington,' Tyler Winklevoss declared.

Their support highlights the deep divisions within the US political landscape regarding the best path forward for digital assets and regulatory oversight.

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