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Donald Trump Election Campaign Receives $2M Bitcoin Donation From Gemini

Donald Trump Election Campaign Receives $1M Bitcoin Donation From Gemini

Key Points:

Tyler and Cameron Winklevoss donated $2 million in Bitcoin to Donald Trump election campaign, opposing Biden’s anti-crypto policies.
Trump, once a crypto critic, now supports Bitcoin, appealing to the crypto industry and its supporters.

Billionaire Winklevoss twins, Tyler and Cameron, co-founders of the cryptocurrency company Gemini, announced on Thursday their $1 million Bitcoin donation to support Donald Trump election campaign.

Winklevoss Twins Back Donald Trump Election Campaign with $1M Bitcoin Donation

The twins revealed their contributions on social media platform X, with Tyler Winklevoss criticizing President Joe Biden‘s administration for its stance on cryptocurrency. The move aligns them with other crypto executives endorsing the Republican candidate.

Tyler claimed the administration has “openly declared war on crypto” by using various government agencies to target the industry, and he praised Trump for being “pro-Bitcoin, pro-crypto, and pro-business.”

In February, Gemini settled allegations with U.S. and New York state financial regulators regarding unsafe practices. The New York Department of Financial Services mandated Gemini to return $1.1 billion to customers affected by a third party’s bankruptcy and imposed a $37 million fine.

Additionally, Gemini settled a lawsuit with the U.S. Securities and Exchange Commission for $21 million without admitting wrongdoing.

Trump Shifts to Pro-Crypto Stance

Trump has recently positioned himself as a crypto advocate, reversing his earlier criticisms. At a San Francisco fundraiser this month, he criticized Democratic attempts to regulate the sector. His new stance aims to appeal to crypto enthusiasts and wealthy industry executives.

Despite previously denouncing cryptocurrencies, calling Bitcoin a “scam” and warning of its potential to facilitate illegal activities, Trump’s views have evolved. Donald Trump election campaign now also allows crypto donations and Trump promises to help Bitcoin miners consolidate if he is elected.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.