Tyler and Cameron Winklevoss, the co-founders of Gemini, have announced their donations of $1 million each in Bitcoin to former President Donald Trump’s campaign.
Both have publicly declared their support for Trump in the upcoming November election, criticizing the Biden administration for weaponizing multiple government agencies to bully and sue the cryptocurrency industry.
Biden Administration War Against Crypto
In a June 20 X post, Tyler Winklevoss stated, “I just donated $1 million in Bitcoin (15.47 BTC) to @realDonaldTrump and will be voting for him in November.” He accused the Biden administration of engaging in a “war against crypto” by leveraging federal agencies to undermine the industry.
Winklevoss specifically pointed to what he termed “Operation Choke Point 2.0,” a reference to alleged actions by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to discourage banks from engaging with cryptocurrency companies.
According to Tyler, these agencies have pressured banks behind closed doors, using their regulatory powers to threaten those that continue to provide services to crypto firms.
“The conversation goes something like this: ‘That’s a nice bank you got there. It sure would be a shame if something were to happen to it because you bank some crypto folks,’” he elaborated. Tyler claimed these tactics force banks to choose between severing ties with crypto companies or facing regulatory repercussions, effectively stifling the industry.
SEC’s Crypto Policies and Biden’s Business Antagonism
The brothers also criticized the Securities and Exchange Commission (SEC) for its handling of cryptocurrency regulation. Tyler argued that the SEC’s failure to establish clear rules for the industry has allowed it to use outdated regulations, such as the Howey Test from a 1946 Supreme Court decision, to classify most cryptocurrencies as securities, which he believes creates legal ambiguities and stifles innovation.
“The game is simple. Make it impossible to comply, then sue everyone for not complying,” Tyler said, accusing the Biden SEC of deliberately creating a hostile environment for crypto businesses. He warned that this approach not only hinders innovation but also leads to economic waste as companies face endless legal battles.
He also condemned what he sees as the Biden administration’s broader antagonism towards American Businesses and successful industries, accusing it of seeking control and political gain at the expense of the U.S. economy.
Tyler concluded by affirming, “President Donald J. Trump is the pro-Bitcoin, pro-crypto, and pro-business choice.” He called on the “crypto army” to rally behind Trump, suggesting that a vote for the former president is a vote against the current administration’s perceived overreach and hostility towards the crypto industry.
