- Gemini founders donated $1 million each in Bitcoin to Trump’s campaign
- Trump is pledging to end Biden’s “war on crypto”
As a seasoned crypto investor, I’ve witnessed firsthand how political developments can significantly impact the crypto market. The recent announcements from the Winklevoss twins, founders of Gemini, regarding their Bitcoin donations to former President Trump’s campaign and his pledge to end Biden’s “war on crypto,” have caught my attention.
Following the headlines generated by its decision to reimburse users impacted by the terminated Gemini Earn scheme, Gemini has regained attention in the financial community.
Winklevoss twins supports Trump
The co-founders of Gemini, Cameron and Tyler Winklevoss, also known as the Winklevoss twins, have each contributed $1 million in Bitcoin [BTC] to Donald Trump’s presidential campaign.
On May 21, Trump’s presidential campaign set up a fundraising platform via Coinbase Commerce for accepting cryptocurrency contributions, adhering to relevant federal laws.
In a post on X, previously known as Twitter, Tyler Winklevoss explained the rationale behind his generous $1 million contribution to Bitcoin.
As a crypto investor over the past few years, I’ve noticed a clear hostility from the Biden Administration towards the cryptocurrency sector. Instead of working collaboratively with us, they’ve opted for a more aggressive approach. Multiple government agencies have been weaponized against us, aiming to intimidate, harass, and even sue those of us who are making positive contributions to this industry. Their ultimate goal appears to be the destruction of crypto as we know it.
According to Winklevoss, the administration’s actions represent an unprecedented misuse of power, driven solely by political motivations. In his opinion, these actions have had detrimental consequences for innovation, American taxpayers, and the economy at large.
He added,
“There is nothing the Biden Administration can do or say at this point to pretend otherwise.”
Echoing similar sentiments, Cameron Winklevoss also observed,
Biden vs. Trump
As an analyst, I would put it this way: “In the ongoing narrative of this year’s election cycle, the recent disclosed donations serve as a testament to the perspectives of key players within the crypto community regarding the presidential candidates, Trump and Biden.”
Over the past several months, Trump has publicly endorsed cryptocurrencies. In contrast, President Biden has adopted a more cautious stance towards crypto – Most recently, he rejected the repeal of Staff Accounting Bulletin 121, or SAB 121, despite bipartisan support for its removal.
As a researcher studying the political landscape, I’ve noticed Trump’s recent declaration that he intends to put an end to what he calls Biden’s “war on crypto.” This statement signifies Trump’s recognition of the importance and potential impact of cryptocurrencies on voters in the ongoing election.
Remarking on the same, Trump in a June meeting had claimed,
“I intend to put an end to Joe Biden’s hostile stance towards cryptocurrencies. We’ll work towards ensuring that the development and growth of crypto, including Bitcoin, takes place right here in America.”
It’s important to acknowledge that there are other critics, including billionaire entrepreneur Mark Cuban, who have voiced concerns against Biden and the SEC. Cuban has specifically criticized Gensler’s regulatory actions, expressing concern that they could potentially harm President Biden’s chances of getting re-elected. He made this statement publicly.
“Biden has to choose between Gensler or crypto voters or it could cost him the White House.”
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2024-06-22 01:11