On Thursday, June 20, the billionaire Winklevoss twins – Tyler and Cameron Winklevoss – pledged a total of $2 million in Bitcoin (BTC) donations to the Republican Presidential candidate Donald Trump.
Thus, the twin brothers have joined other crypto executives who have openly declared their support for Trump’s 2024 presidential campaign. In his post on the social media platform X, Tyler Winklevoss lashed out at the Biden administration over their handling of the crypto market regulations during his tenure. Tyler wrote:
“Over the past few years, the Biden Administration has openly declared war against crypto. It has weaponized multiple government agencies to bully, harass, and sue the good actors in our industry in an effort to destroy it. 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, the American taxpayer, and the American economy. There is nothing the Biden Administration can do or say at this point to pretend otherwise.”
In recent years, the crypto exchange Gemini has had to undergo several regulatory and legal challenges. Earlier in February 2024, the New York Department of Financial Services (NYDFS) stated that Gemini need to return a minimum of $1.1 billion to all the troubled customers of its Earn Program.
Furthermore, the company had to pay an additional fine of $37 million for “unsafe and unsound practices”. Gemini also announced a $21 million settlement with the U.S. Securities and Exchange Commission (SEC) without admitting any wrongdoing.
Biden Administration Weaponizes Banking Against Crypto
In his long post on X, Tyler Winklevoss also slammed the Biden administration for Operation Choke Point 2.0 while weaponizing the banking system against the crypto companies. He said that the Biden administration is threatening banks behind closed doors to not work with crypto firms. “Any bank that doesn’t follow orders is threatened,” he wrote.
Tyler Winklevoss added that the US agencies wield immense power over banks, possessing the authority to revoke their licenses or FDIC deposit insurance at any moment under the pretext of “safety and soundness” concerns.
In his 2024 Presidential Campaign, former President Donald Trump smartly positioned himself as a strong supporter of the cryptocurrency sector. At a recent fundraiser in San Francisco attended by tech executives, he criticized Democratic efforts to regulate the industry and emphasized his commitment to being the “crypto president.”
On the other hand, the Biden administration is also making an effort to reach out to the crypto camp. However, amid the existing hostility, they haven’t been able to break the ice with the top crypto industry players.
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