Gemini's Winklevoss Brothers Endorse Trump

The Winklevoss brothers each donated $1M in Bitcoin (15.47 BTC) to Trump, citing their dissatisfaction with the Biden Administration's handling of crypto regulations.

Update: The donations were refunded for exceeding the legal limits under campaign finance law.

What’s the scoop?

• Regulatory Issues: They criticized the Biden Administration for weaponizing agencies like the OCC, FDIC, and SEC against the crypto industry, leading to what they describe as an "unprecedented abuse of power."
• Operation Choke Point 2.0: The brothers also accused the Biden Administration of using intimidation tactics to pressure banks to avoid banking crypto companies.
• SEC's Role: They argue the SEC has deliberately avoided creating clear rules for crypto, instead using outdated laws to bring lawsuits against crypto projects via “security violations.”
• Economic Impact: Overall, the Gemini founders believe Biden's policies stifle innovation and harm the American economy.

Bankless Take

The Winklevoss brothers' announcement highlights the ongoing clash between the crypto industry and regulatory bodies under the Biden Administration. The frequent prosecution and a lack of clear regulatory guidelines have resonated with many in the industry, evident in Consensys’s ongoing lawsuit against the SEC over this very issue. More and more, it looks like the Biden Administration will have a tough time winning back the industry.