The founders of Gemini, Tyler and Cameron Winklevoss, announced they have each donated $1M worth of Bitcoin to Trump’s campaign. They will also vote for him in the November election. They criticized the Biden administration for using multiple government agencies to harass and sue the cryptocurrency industry.
Winklevoss Criticizes Biden’s Crypto War, Donates to Trump
Tyler Winklevoss gave a million dollars in Bitcoin, which is equivalent to 15. 47 BTC, to Donald Trump. He noted that the Biden administration has been in war against the cryptocurrency industry through federal agencies. It has been also bullying, harassing, and suing participants in this industry. He says that this is an act of dictatorship meant to suppress creativity and the economy of the United States of America.
One example given was “Operation Choke Point 2.0” where agencies such as the OCC and the FDIC were accused of putting pressure on banks not to work with the crypto companies. Those who did not complied were threatened and put through rigorous examinations, which resulted in massive fines or new supervisory rules that severely harmed their business.
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Criticism also followed the actions of the SEC. Unlike other administrations, the Biden administration’s SEC has not come up with any regulations that can assist the crypto market in the regulation process. Unfortunately, it uses archaic rules that render it almost impossible for crypto projects to adhere to them. This has resulted in many legal actions being taken against crypto companies, something that has fostered ambiguity and slowed down the growth of the sector.
Winklevoss Brothers of Gemini Support Trump for Business-Friendly Crypto Policies
It is considered that the Biden administration continues the practice of Obama years – “Operation Choke Point 1.0” when legal but politically nonpreferred sectors were harassed. This, Winklevoss contends, is detrimental to innovation and liberty in the economy.
They are also co-founders of Winklevoss Capital. Winklevoss maintains optimism about crypto industry and continues to support the concept of free enterprise and the creation of wealth. Cameron Winklevoss says that the government interference, especially under Biden’s administration, is a negation of these principles.
Winklevoss supports Trump because he sees him as Bitcoin-friendly, crypto-friendly and business-friendly. Winklevoss thinks that the crypto community should make it clear to Washington that attacking this industry is politically unwise. He wants other people in the crypto community to support Trump in the next election.