Donald Trump Bags $2 Million in Donations from Gemini CEOs

• Crypto CEOs Winklevoss Twins have offered support to US presidential candidate Donald Trump.
• Gemini Exchange has unveiled an initiative focused on pro-crypto campaign finance.
• Crypto is becoming an integral part of the upcoming United States elections.

The upcoming presidential elections in the United States have become a widely discussed topic across the crypto industry, driven by increased efforts among industry participants to support pro-industry candidates. One vocal candidate, Donald Trump, has openly charted ambitious plans for the asset class , rallying support across the industry with promises to ensure a more favorable regulatory environment.

As crypto becomes a pivotal theme in his campaign, Trump is garnering substantial support from crypto executives.

Winklevoss Twins Back Donald Trump’s Crypto Vision

Gemini CEOs Tyler and Cameron Winklevoss have become the latest to rally behind former US President and election candidate Donald Trump, each donating $1 million to the election hopeful. 

The donations align with a recently launched initiative on the co-founders’ crypto exchange, Gemini, a campaign finance project aimed at empowering pro-crypto policymakers.

Central to Trump’s support is strong criticism of President Biden’s approach to the industry. Condemning the current administration, co-founder Tyler Winklevoss asserted that the present US president has “openly declared war against crypto,” necessitating a change in leadership.

“This Administration's actions have been nothing short of an unprecedented abuse of power wielded entirely for twisted political gain at the complete expense of innovation,” he stated.

He added that Biden has deployed financial regulators like the Securities and Exchange Commission (SEC) against the broader asset class, enabling litigation against crypto projects and companies in the United States without clear industry standards.

The Winklevoss twins endorsed Donald Trump as their candidate for the November elections, urging the crypto community to unite and send a message in the upcoming elections.

The US Elections and Crypto

Reports in recent months have depicted crypto as steadily emerging as a decisive factor in the upcoming November elections. A May 2024 Grayscale report revealed the growing importance of pro-industry policies among Americans, emphasizing the industry’s role as a major electoral factor. 

The report revealed that 41% of participants, citing escalating geopolitical tensions, political discourse, and persistent inflation in the US, reported increasing attention to Bitcoin, the world’s largest crypto asset.

A third of the survey participants also reported gauging the value of digital assets like Bitcoin to hedge against rampant inflation, which has worsened over the past two years. 

The rising popularity of crypto, combined with an additional finding that 77% of participants would favor a candidate with an informed perspective on the industry, highlights its potential influence on the upcoming elections.

On the Flipside

• Before his current pro-crypto stance, Donald Trump was once an outspoken critic of the asset class.
• The Gemini co-founders have also contributed to Fairshake PAC, a pro-crypto political advocacy group.
• On June 8, 2024, Donald Trump reportedly raised approximately $12 million for his ongoing crypto-related campaigns.

Why This Matters

With mounting advocacy for candidates supporting the crypto industry, the US presidential hopeful’s crypto-friendly vision positions him favorably among many in the community. The Winklevoss donation could begin a trend of significant support for Donald Trump from the crypto sector.

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