{"id":14563,"date":"2024-06-21T11:45:13","date_gmt":"2024-06-21T08:45:13","guid":{"rendered":"https:\/\/forklog.com\/en\/winklevoss-twins-donate-2-million-in-bitcoin-to-trump-criticize-biden\/"},"modified":"2024-06-21T11:45:13","modified_gmt":"2024-06-21T08:45:13","slug":"winklevoss-twins-donate-2-million-in-bitcoin-to-trump-criticize-biden","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/winklevoss-twins-donate-2-million-in-bitcoin-to-trump-criticize-biden\/","title":{"rendered":"Winklevoss Twins Donate $2 Million in Bitcoin to Trump, Criticize Biden"},"content":{"rendered":"<p>Support for Donald Trump is gaining momentum in the United States, as he has embraced cryptocurrencies earlier than his rival, the incumbent President Joe Biden. While Trump receives million-dollar donations from industry participants, Biden is attempting to shift the situation in his favor.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Current Landscape<\/strong><\/h2>\n<p>With 137 days until the election, Polymarket odds suggest a 56% chance of Trump winning. Biden&#8217;s chances at the time of writing stand at 34%.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/docsz\/AD_4nXcHJqgG7r0AnemdXLkkO6S8c9DVXl0IqbtKGSIm4x26OFKcDLqUbPe97OnZ4UAhjl2ydtCTeqgpDNEZTTBt9tj8BIvus1gPks8JfaXD05T4hCoWXRQgrN7h7hCjKY09GWC7-m637fqD2dW-unz4E2r-gKQ?key=s1EpkE2LC0wnzx5VkfVfwA\" alt=\"Winklevoss Twins Donate $2 Million in Bitcoin to Trump, Criticize Biden\"\/><figcaption class=\"wp-element-caption\">Data: Polymarket.<\/figcaption><\/figure>\n<p>Trump&#8217;s support is growing amid his statements regarding the digital asset sector. At the Libertarian Party&#8217;s national convention, Trump emphasized that the US should lead the crypto industry. He also <a href=\"https:\/\/forklog.com\/en\/news\/donald-trump-advocates-for-us-leadership-in-cryptocurrency-industry\">promised to pardon<\/a> Silk Road founder Ross Ulbricht if elected.<\/p>\n<p>In June, the presidential candidate dubbed himself the &#8220;crypto president&#8221; and criticized Democrats&#8217; regulatory attempts, pledging to protect mining in the US and globally.<\/p>\n<p>Earlier, Trump <a href=\"https:\/\/forklog.com\/en\/news\/trumps-campaign-embraces-cryptocurrency-donations\">began accepting donations<\/a> for his campaign in Bitcoin, Ethereum, Solana, and other digital currencies. Some industry representatives have already taken advantage of this opportunity.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Support and Criticism<\/strong><\/h2>\n<p>On June 20, Gemini co-founder Tyler Winklevoss announced his support for Trump and donated $1 million in Bitcoin (15.47 BTC at the time of the transaction).<\/p>\n<div class=\"wp-block-text-wrappers-update-2 article_update\"><time class=\"gtb_text-wrappers_update_time\">June 22, 2024 | 16:08<\/time><span class=\"gtb_text-wrappers_update_head\">Update: <\/span><\/p>\n<p>According to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-21\/winklevoss-twins-refunded-after-trump-crypto-gift-exceeded-limit\" title=\"\">Bloomberg<\/a>, Tyler and Cameron Winklevoss were refunded part of their donations. Their contributions exceeded $844,600 \u2014 the maximum amount Trump&#8217;s committee can accept from an individual. The Gemini founders received the difference back.<\/p>\n<\/div>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I just donated $1 million in bitcoin (15.47 BTC) to <a href=\"https:\/\/twitter.com\/realDonaldTrump?ref_src=twsrc%5Etfw\">@realDonaldTrump<\/a> and will be voting for him in November. Here\u2019s why:<\/p>\n<p>Over the past few years, the Biden Administration has openly declared war against crypto. It has weaponized multiple government agencies to bully, harass, and\u2026 <a href=\"https:\/\/t.co\/qOQSpmanBR\">pic.twitter.com\/qOQSpmanBR<\/a><\/p>\n<p>\u2014 Tyler Winklevoss (@tyler) <a href=\"https:\/\/twitter.com\/tyler\/status\/1803872859938549920?ref_src=twsrc%5Etfw\">June 20, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Over the past few years, the Biden Administration has openly declared war on the crypto industry. [\u2026] The current administration&#8217;s actions have been nothing short of unprecedented abuse of power, aimed solely at political gain at the expense of innovation, American taxpayers, and the American economy,&#8221; wrote Winklevoss.<\/p>\n<\/blockquote>\n<p>He specifically highlighted pressure from the <span data-descr=\"Office of the Comptroller of the Currency within the US Treasury\" class=\"old_tooltip\">OCC<\/span> and the <span data-descr=\"Federal Deposit Insurance Corporation\" class=\"old_tooltip\">FDIC<\/span> on banks \u2014 agencies allegedly &#8220;give &#8216;recommendations&#8217; and instruct&#8221; organizations not to finance industry participants.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The fallout has extended not only to crypto companies but also to individuals working in them. Personally, I have lost several bank accounts because I own cryptocurrency and my investment firm,&#8221; added the Gemini co-founder.<\/p>\n<\/blockquote>\n<p>Winklevoss also cited actions by the <span data-descr=\"US Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> as another issue. According to him, under the Biden administration, the agency &#8220;has not developed a single rule for the industry that would help any of its participants understand how to navigate the regulatory framework for this new asset paradigm.&#8221;<\/p>\n<p>In January 2023, the Commission accused Gemini and crypto lending platform Genesis Global Capital of selling unregistered securities. At the time, Tyler Winklevoss called the regulator&#8217;s claims &#8220;super unconvincing&#8221; and a &#8220;manufactured parking ticket.&#8221;<\/p>\n<p>In a new post, he pointed to the SEC&#8217;s stance that nearly every digital asset is a security. This, he noted, &#8220;has given the regulator carte blanche to initiate legal action against any crypto project and company in the United States.&#8221;<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Donald Trump is a supporter of Bitcoin, cryptocurrency, and business. This is not even up for debate. Anyone who claims otherwise is severely misinformed, delusional, or lying,&#8221; he concluded.<\/p>\n<\/blockquote>\n<p>His brother Cameron also announced a $1 million donation in Bitcoin.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I also just donated $1 million in bitcoin (15.47 BTC) to <a href=\"https:\/\/twitter.com\/realDonaldTrump?ref_src=twsrc%5Etfw\">@realDonaldTrump<\/a> and will be voting for him in November.<\/p>\n<p>Here\u2019s the TL;DR \u2014 President Trump is:<\/p>\n<p>Pro-Bitcoin<br \/>Pro-Crypto<br \/>Pro-Business<\/p>\n<p>And he will put an end to the Biden Administration&#8217;s war on crypto. Onward! <a href=\"https:\/\/t.co\/r6iDP7BdbE\">https:\/\/t.co\/r6iDP7BdbE<\/a><\/p>\n<p>\u2014 Cameron Winklevoss (@cameron) <a href=\"https:\/\/twitter.com\/cameron\/status\/1803876953860247831?ref_src=twsrc%5Etfw\">June 20, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;He [Trump] will put an end to the Biden administration&#8217;s war on cryptocurrency,&#8221; Winklevoss expressed confidence.<\/p>\n<\/blockquote>\n<p>Following this, Gemini announced its support for pro-crypto candidates.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We now facilitate crypto contributions for pro-crypto candidates. Any U.S. campaign that is interested in accepting donations in crypto can work with us by emailing \u2192 campaigns@gemini.com<\/p>\n<p>We\u2019re proud to empower pro-crypto policymakers in 2024 <a href=\"https:\/\/t.co\/LZybaP56m4\">pic.twitter.com\/LZybaP56m4<\/a><\/p>\n<p>\u2014 Gemini (@Gemini) <a href=\"https:\/\/twitter.com\/Gemini\/status\/1803875469550588308?ref_src=twsrc%5Etfw\">June 20, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 class=\"wp-block-heading\"><strong>Attempt to Catch Up<\/strong><\/h2>\n<p>In June, sources from The Block reported that Biden&#8217;s inner circle warned his team of the risk of losing the election if they &#8220;continue to remain silent on cryptocurrency and do not get up to speed.&#8221; <\/p>\n<p>Billionaire investor Mark Cuban shares a similar view. He noted SEC Chairman Gary Gensler&#8217;s stance on digital assets, suggesting it could &#8220;literally cost Joe Biden the election.&#8221;<\/p>\n<p>According to the publication, the campaign team has begun discussions about accepting crypto donations through Coinbase Commerce.<\/p>\n<p>The importance of supporting the crypto industry has likely become apparent. On June 20, Kraken CEO Dave Ripley told <a href=\"https:\/\/www.cnbc.com\/video\/2024\/06\/20\/kraken-ceo-dave-ripley-on-the-state-of-crypto-battles-with-sec-and-crypto-regulation.html\">CNBC<\/a> that the current administration is &#8220;softening&#8221; its stance on digital assets.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;When we entered this year, the executive branch through the SEC was sharply negative towards cryptocurrencies. But there were many supporters in the US government. [\u2026] And I think over the last few, maybe two months or so, we&#8217;ve seen a kind of strong support \u2014 and now bipartisan support,&#8221; Ripley noted.<\/p>\n<\/blockquote>\n<p>As an example, he cited the <span data-descr=\"Financial Innovation and Technology for the 21st Century Act\" class=\"old_tooltip\">FIT21<\/span> bill, developed by the House Agriculture Committee and the House Financial Services Committee, aimed at clarifying the SEC and <span data-descr=\"US Commodity Futures Trading Commission\" class=\"old_tooltip\">CFTC<\/span> authority over the crypto market.<\/p>\n<p>The proposal introduces the term &#8220;digital commodity&#8221; for assets that do not meet the definition of a security, placing them under CFTC jurisdiction. Gensler <a href=\"https:\/\/forklog.com\/en\/news\/gary-gensler-criticizes-fit21-bill-as-regulatory-threat\">criticized<\/a> it, stating the document &#8220;will create new regulatory gaps and dismantle decades of precedent regarding oversight of investment contracts.&#8221;<\/p>\n<p>Despite this, the US House of Representatives <a href=\"https:\/\/forklog.com\/en\/news\/us-house-of-representatives-passes-crypto-regulation-bill\">passed the bill<\/a>. Prior to this, the Senate <a href=\"https:\/\/forklog.com\/en\/news\/us-senate-votes-to-repeal-sec-directive\">approved a resolution<\/a> nullifying Staff Accounting Bulletin 121 (SAB 121). It effectively prohibited regulated companies, including banks, from holding digital assets on their balance sheets. However, Biden vetoed the document.<\/p>\n<p>Nevertheless, Ripley believes the industry &#8220;has seen some softening of the executive branch.&#8221; He also noted Trump&#8217;s stance on cryptocurrencies.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;[\u2026] his comments on Bitcoin and cryptocurrency have come recently, so I hope he is on this learning journey. When people really take the time to study [digital assets], it almost always leads to a positive outcome,&#8221; said the Kraken CEO.<\/p>\n<\/blockquote>\n<p>In early June, Coinbase allocated $25 million to support the Fairshake political action committee, increasing the organization&#8217;s budget to $160 million. Ripple and Andreessen Horowitz contributed similar amounts.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/docsz\/AD_4nXfSZ-aSoqttJQmov7kIXyX1tZSrvM1HciShRQuvG37e6uURA1krii91YTg6-orC16_8frORq6D2BRElAAcLwGIQCC4lmQpSACMVpg3PXY7CUZ9fjkTJk5YOAPKb1jav6SnSRcScs0NYkydHmWQMLbsWiL1D?key=s1EpkE2LC0wnzx5VkfVfwA\" alt=\"Winklevoss Twins Donate $2 Million in Bitcoin to Trump, Criticize Biden\"\/><figcaption class=\"wp-element-caption\">Political donor rankings. Data: <a href=\"https:\/\/www.opensecrets.org\/industries\/indus?ind=F07&#038;cycle=2024\">Open Secrets<\/a>.<\/figcaption><\/figure>\n<p>According to the <a href=\"https:\/\/www.standwithcrypto.org\/\">website<\/a> of the nonprofit advocacy group Stand with Crypto, it has attracted over 1 million &#8220;crypto supporters&#8221; and raised more than $87 million in donations since its launch in August 2023.\u00a0<\/p>\n<p>According to the organization&#8217;s <a href=\"https:\/\/www.standwithcrypto.org\/politicians\" title=\"\">data<\/a>, Biden&#8217;s rating on digital assets is D, while Trump&#8217;s is the highest at A.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/docsz\/AD_4nXct7N1kSNyA4pixHmdOyfC3bf6G4RQ-SkrLj9l0wC63_aBKPBJeS9gP2gxccSODKu9BwuEZ3gC5qwX3FaoBup1dKCcPuhTO_tSXSk_5wJTD9-ZX3GvjLM3rbMgl7tHntz7PXgEiyKK9a_hp5jhAQHSpWiY?key=s1EpkE2LC0wnzx5VkfVfwA\" alt=\"Winklevoss Twins Donate $2 Million in Bitcoin to Trump, Criticize Biden\"\/><figcaption class=\"wp-element-caption\">Data: Stand with Crypto.<\/figcaption><\/figure>\n<p>Back in May, Cardano co-founder Charles Hoskinson claimed Biden wants to <a href=\"https:\/\/forklog.com\/en\/news\/charles-hoskinson-accuses-biden-of-aiming-to-kill-the-crypto-industry\">destroy the crypto industry in the US<\/a>.<\/p>\n<p>Uniswap suggested that the current head of state <a href=\"https:\/\/forklog.com\/en\/news\/uniswap-founder-criticizes-bidens-approach-to-cryptocurrency\">could lose<\/a> the upcoming election due to his administration&#8217;s dismissive attitude towards the cryptocurrency market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Support for Donald Trump is gaining momentum in the United States, as he has embraced cryptocurrencies earlier than his rival, the incumbent President Joe Biden. While Trump receives million-dollar donations from industry participants, Biden is attempting to shift the situation in his favor. Current Landscape With 137 days until the election, Polymarket odds suggest a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14562,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[991,719,1449,1150,842,26,1140],"class_list":["post-14563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-donald-trump","tag-gemini","tag-joe-biden","tag-news-plus","tag-politics","tag-usa","tag-winklevoss-twins"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/14563","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=14563"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/14563\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/14562"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=14563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=14563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=14563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}