July 24, 2024
Latest Cryptocurrency News

Winklevoss Twins Pledge $2M Bitcoin to Boost Trump’s Campaign

The billionaire Winklevoss twins, founders of cryptocurrency company Gemini, have donated $1 million each in bitcoin to support Donald Trump’s presidential campaign. The twins announced the donations on Thursday through posts on social media site X, positioning themselves as the latest crypto executives to endorse the Republican candidate.

Tyler Winklevoss expressed that the current Democratic administration, led by President Joe Biden, has been hostile towards the cryptocurrency industry. He highlighted Trump’s pro-crypto stance as a key reason for their support. Trump’s advocacy for the crypto sector was also evident at a recent San Francisco fundraiser, where he criticized Democratic regulatory efforts.

Crypto Industry Seeks Political Allies Amid Regulatory Scrutiny

The cryptocurrency industry is looking more and more for political allies as a result of increased regulatory scrutiny. The sector has been under the spotlight following several high-profile bankruptcies in 2022. This resulted in significant financial losses for investors and exposed instances of fraud and misconduct.

Gemini, the Winklevoss twins’ company, faced its own regulatory challenges earlier this year. In February, the New York Department of Financial Services (NYDFS) mandated that Gemini return at least $1.1 billion to customers affected by a third party’s bankruptcy.

Additionally, the company agreed to pay a $37 million fine for unsafe and unsound practices as part of a settlement with the regulator. Furthermore, Gemini settled a lawsuit with the U.S. Securities and Exchange Commission for $21 million over similar allegations.

From Facebook Feud to Crypto Moguls

The Winklevoss twins first gained public attention with their legal battle against Facebook and its CEO Mark Zuckerberg. They claimed he had stolen their idea for the social networking site. The dispute ended in a 2008 settlement, where they received cash and Facebook stock. Since then, the twins have reinvented themselves as influential figures in the cryptocurrency world, founding Gemini and becoming prominent advocates for digital assets.

Image from Flickr

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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