Winklevoss twins donate $2 million in bitcoin to support Trump By...
The billionaire Winklevoss twins, founders of cryptocurrency company Gemini, have announced that each of them donated $1 million in bitcoin to support Donald Trump, the Republican presidential candidate. Tyler and Cameron Winklevoss made the donations in response to what they perceive as President Joe Biden's Democratic administration's "war on crypto" and Trump's positive stance on Bitcoin, cryptocurrency, and business.
Trump has positioned himself as a proponent of cryptocurrency, criticizing Democratic efforts to regulate the sector. The crypto industry has been actively engaging with U.S. politicians, particularly in the wake of high-profile bankruptcies in 2022 that raised concerns among investors, revealed fraudulent activities, and resulted in financial losses for many.
Regulatory Settlements and Actions
In February, Gemini reached settlement agreements with both U.S. and New York state financial regulators following allegations of misconduct. The New York Department of Financial Services (NYDFS) announced that Gemini would refund over $1.1 billion to customers affected by a third party's bankruptcy and pay a $37 million fine for unsafe practices. The company also settled with the U.S. Securities and Exchange Commission, resolving allegations of unsound practices by paying $21 million without admitting wrongdoing.
The Winklevoss twins gained public attention when they sued Facebook and its CEO Mark Zuckerberg, claiming that Zuckerberg had stolen their concept for the social media platform. The legal battle was settled in 2008, with the twins receiving a combination of cash and Facebook stock as part of the agreement.
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