The Winklevoss twins have received a refund of over $300,000 from the Trump 47 Committee after donating $1 million each in Bitcoin to Trump’s campaign, which exceeded the legal limit of $844,600 per person. It is unclear whether the refund was processed in Bitcoin or cash equivalent.
The donated money was split between Trump’s presidential campaign, the leadership PAC that pays his legal bills, the Republican National Committee, and 42 Republican state party committees. This news comes after the twins criticized President Joe Biden for his ‘anti-crypto’ policies and expressed support for Trump, who they see as a ‘pro-crypto’ choice.
Trump has been vocal about his support for the crypto industry and has promised to ease policies around crypto if re-elected. He has also had discussions with Elon Musk on crypto policy and aims to turn the U.S. into a Bitcoin mining powerhouse. Other members of the crypto industry, such as Brian Morgenstein from Bitcoin miner Riot Platforms, have expressed support for Trump’s re-election, citing his commitment to protecting the rights of Bitcoin owners and miners.
In addition to their involvement in the crypto industry, the Winklevoss twins have faced legal troubles related to their Gemini exchange. The Gemini Earn program, which allowed users to earn yield on their assets, was run jointly with Genesis, which filed for bankruptcy in January 2023. After months of efforts to recover user funds, Gemini announced that it would return 100% of assets “in kind” as part of a settlement with the New York Department of Financial Services. The New York Attorney General’s office also completed a settlement with Gemini, recovering $50 million worth of assets for Earn users.
Overall, the Winklevoss twins’ refund from Trump’s campaign sheds light on the intersection of politics and the crypto industry, as well as the legal challenges they have faced in their business ventures. Their support for Trump’s re-election reflects a broader sentiment within the crypto community regarding regulatory policies and innovation in emerging technologies.