Tyler and Cameron Winklevoss Each Donate $1 Million in Bitcoin to Donald Trump’s Campaign
Tyler and Cameron Winklevoss, the leaders of cryptocurrency platform Gemini, have each donated $1 million in Bitcoin to former President Donald Trump’s campaign.
This announcement marks one of the first major contributions from important figures in the crypto sector to a presidential campaign since SBF.
Context of the Contributions
The Winklevoss brothers, who respectively serve as CEO and President of Gemini, have been significant donors to the 2024 US campaigns. Prior to this latest contribution, each had already donated approximately $2.7 million, primarily to the industry super PAC, Fairshake. Tyler Winklevoss explained on X that their support for Trump was largely motivated by opposition to the Biden administration.
Critique of the Biden Administration
In a lengthy statement, Tyler Winklevoss criticized the Biden administration for its hostile approach towards the crypto industry. He accused the government of ‘openly declaring war against cryptocurrencies’ and using various government agencies to ‘intimidate, harass, and prosecute the good actors in our industry with the goal of destroying it.’
Last year, Gemini was targeted by the SEC for offering unregistered securities. Tyler Winklevoss had referred to this accusation as a ‘fabricated transgression’.
Support for Donald Trump
Tyler Winklevoss described Trump as the ‘pro-Bitcoin, pro-crypto, and pro-business choice.’ The Winklevoss brothers’ contributions were made in the form of Bitcoin, totaling 15.47 BTC each. The money is intended for the Trump 47 Committee Inc., a joint fundraising committee that can distribute funds to comply with campaign contribution limits.
History of Donations and Similar Contributions
The Winklevoss brothers have always made matching donations to US electoral efforts, placing them among the largest individual contributors to the 2024 campaigns. Prior to this contribution to Trump, they had supported several other Republican candidates including Vivek Ramaswamy, Nikki Haley, Senator Tim Scott, and Florida Governor Ron DeSantis.
The majority of their donations have been directed to the industry’s main political action committee, Fairshake. Their combined contribution of $5 million represents a significant portion of the nearly $169 million raised by the Fairshake super PAC. These funds are used to purchase outdoor advertisements for congressional candidates in an effort to fill Congress with cryptocurrency supporters.
The Winklevoss brothers’ donations to Trump join similar maximum contributions from Jeffrey Sprecher, founder, Chairman, and CEO of Intercontinental Exchange, and his wife Kelly Lynn Loeffler, former US Senator and CEO of Bakkt. Other major donors include Joe Ricketts, founder and former CEO of TD Ameritrade, and Robert Bigelow, owner of Budget Suites of America and founder of the now-defunct Bigelow Aerospace.
