Cameron and Tyler Winklevoss, billionaires and founders of the crypto exchange platform Gemini, had their donations to former US President Donald Trump’s election campaign returned after exceeding the maximum amount allowed by federal law.
According to a report from Bloomberg, the excess amount was refunded, although it is unclear whether the Trump 47 Committee returned the amount in BTC or the equivalent in dollars after selling it.
$2 million donations from the Winklevoss brothers
On Thursday, June 20, the twins announced that they each made donations totaling $2 million in Bitcoin, surpassing the legal limit of $844,600 per individual donation that the Trump campaign can accept.
The donated amount is distributed among the former president’s campaign, the political action committee that funds his legal expenses, the Republican National Committee, and 42 Republican state committees.
Strengthened links with the crypto industry and the Winklevoss brothers’ engagement
The acceptance of Bitcoin donations by the Trump campaign marks a significant rapprochement between the campaign and the cryptocurrency industry, a key player in the 2024 election. Investors and figures in the crypto sector tend to support candidates who promise lighter regulations.
The Winklevoss brothers reportedly participated in a fundraising event for Trump in June, costing up to $300,000 per person. They also made donations of approximately $5 million to the political action committee Fairshake and its affiliates, responsible for advertisements against anti-crypto legislators.
Legal issues of Gemini
Many users of the Gemini platform have spent months trying to recover funds invested in Gemini Earn, a program that generates returns on crypto assets in partnership with now-bankrupt crypto lender Genesis Global. On May 20, New York Attorney General Letitia James announced a $2 billion settlement with Genesis to address investor fraud claims. The settlement requires Genesis to return funds to investors and cease operations in New York.
In February, Gemini agreed to return at least $1.1 billion to clients through Genesis’ bankruptcy, as part of a settlement with the New York Department of Financial Services. The SEC had filed lawsuits against Gemini and Genesis earlier in 2023 regarding Gemini Earn, and Genesis has since settled the charges.
