Tyler Winklevoss, founder of crypto platform Gemini, stated on X this week that he was supporting former President Donald Trump in his run for the White House. Winklevoss donated $1 million in Bitcoin to the Trump campaign as the “Biden Administration has openly declared war against crypto.”
Winklevoss posted an extensive justification for supporting Trump, highlighting transgressions by the Biden administration, including:
- The weaponization of the banking system against crypto companies and their principals – or “Operation Chokepoint 2.0.”
- The weaponization of the Securities and Exchange Commission (SEC) against crypto.
Winklevoss chastised the Biden administration’s “unprecedented abuse of power wielded entirely for twisted political gain at the complete expense of innovation.”
He said that the crypto industry is not the only sector of industry that has felt the wrath of the Biden team as the administration has “consistently attacked American business across the board and villainized its greatest heroes.”
In Congress, while a few Democrats have sought to support digital asset innovation, it has been the Republican’s willing to support the emerging sector of Fintech.
Not too long ago, the House of Representatives approved digital asset legislation, the Financial Innovation and Technology for the 21st Century Act (FIT21). The legislation garnered the support of a few Democrats. Today, that legislation sits in the Democrat controlled Senate where it is gathering dust and unlikely to see the light of day.
The legislation would boost compliance thus protecting consumers but also provide clear rules for innovation. As it counters the Biden administration’s narrative that all crypto is bad, the bill is effectively dead in the water. Meanwhile, other jurisdictions are moving forward with bespoke rules for digital assets – including digital securities.
Other prominent VCs and entrepreneurs have also voiced their support for Trump camp. Elon Musk has declared he will not support Joe Biden for multiple reason (but has yet to commit to Trump).
National polls indicate a close race between the two candidates. Several battleground states are now showing Trump in the lead. The forthcoming Presidential debate could be a defining moment between the two sides as the November election nears.
I just donated $1 million in bitcoin (15.47 BTC) to @realDonaldTrump and will be voting for him in November. Here’s why:
Over the past few years, the Biden Administration has openly declared war against crypto. It has weaponized multiple government agencies to bully, harass, and… pic.twitter.com/qOQSpmanBR
— Tyler Winklevoss (@tyler) June 20, 2024
