The Winklevoss twins donate $2 million to Trump's re-election campaign as Gemini announces a new initiative to support pro-crypto candidates. Explore the growing influence of cryptocurrency in U.S. politics.
In a significant move highlighting the intersection of cryptocurrency and politics, Gemini Exchange has announced a new campaign finance project to support pro-crypto candidates in the upcoming U.S. Presidential election this November. This announcement came shortly after Cameron and Tyler Winklevoss, co-founders of Gemini, donated $2 million to former President Trump’s re-election campaign on June 20, 2024.
Gemini’s Political Initiative
Gemini’s new initiative aims to facilitate campaign contributions to candidates who support cryptocurrency-friendly policies. The move underscores the growing political engagement from the crypto industry, which seeks to influence policy and regulation in favor of digital assets.
Winklevoss Twins' Support for Trump
The Winklevoss brothers' $2 million donation to Trump’s campaign marks a significant endorsement from key figures in the crypto industry. This financial support underscores their alignment with Trump’s stance on cryptocurrency, which contrasts sharply with their views on the current administration.
A Critique of Biden’s Crypto Policies
Minutes before Gemini’s announcement, Tyler Winklevoss issued a pointed critique of President Biden and his administration’s approach to cryptocurrency. In a lengthy social media post, Tyler accused the administration of hostility towards the crypto industry. "The crime is always success and the reward is always ridicule, fines, and even more red tape," he wrote. Tyler further argued that the Biden administration does not oppose success per se, but rather the kind that it cannot control. He warned that such policies could eventually lead to economic decline.
The Rise of Cryptopolitik in 2024
The actions by the Winklevoss twins and Gemini are part of a broader trend of political mobilization within the cryptocurrency industry, a phenomenon that some are calling "Cryptopolitik."
Coinbase’s Political Action Committee (PAC): Earlier in June, Coinbase’s "Stand with Crypto" PAC announced it had gathered 1 million signatures from pro-crypto voters, signaling substantial grassroots support.
The Bitcoin Voter Project: Following a meeting with former President Trump, executives from CleanSpark, Marathon Digital, and Riot Platforms launched "The Bitcoin Voter Project." This non-profit aims to educate the public about Bitcoin without endorsing specific candidates.
Fairshake Super PAC: More recently, Fairshake, a crypto-focused super PAC, reported raising $169 million in donations. Unlike The Bitcoin Voter Project, Fairshake actively campaigns against politicians and candidates perceived as anti-crypto, launching targeted political advertisements.
The Political Landscape Ahead
The crypto industry’s increasing political engagement highlights its determination to shape the regulatory landscape. The Winklevoss twins’ donation to Trump and the Gemini initiative are just the latest examples of this trend. As the U.S. Presidential election approaches, the influence of cryptocurrency advocates is likely to grow, with significant implications for both the industry and broader financial regulation.
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(VINCE QUILL, COINTELEGRAPh, 2024)