The co-founders of Gemini, Tyler and Cameron Winklevoss, have donated $1 million worth of Bitcoin each to the former US President, Donald Trump.
Tyler confirmed the donation on X, saying he would vote for Trump in the November presidential elections. His sentiments come after a series of pro-crypto remarks shared by the former US President.
According to Tyler, the current US President, Joe Biden, has suppressed the growth of the cryptocurrency industry.
Gemini Co-Founder Calls Out Biden Administration Over Anti-Crypto Stance
In his X post, Winklevoss noted that during his tenure, Biden has declared war on the cryptocurrency industry. He accused the US government of using agencies such as the US Securities and Exchange Commission (SEC) to “bully, harass, and sue” players in the cryptocurrency sector.
He noted,
This Administration’s actions have been nothing short of an unprecedented abuse of power wielded entirely for twisted political gain at the complete expense of innovation, the American taxpayer, and the American economy. There is nothing the Biden Administration can do or say at this point to pretend otherwise.
Among the issues Tyler noted was the lack of support by the US banking sector for the cryptocurrency industry. He believes the Biden administration is intimidating banks and pressuring them not to bank crypto companies.
The SEC Has Been Weaponized
Tyler further noted that the Biden administration had weaponized the SEC. He stated that the SEC still needs to develop rules for the crypto industry. As such, industry participants required more knowledge of how to navigate the industry.
Tyler mentioned the recent dropped case against ConsenSys. He noted that for years, the SEC had regarded Ether as a security, with some sort of clarity coming after the regulator dropped charges against the Ethereum developer.
By not formulating clear rules for the industry, Tyler believes that the SEC has the plausibility to file charges against crypto projects and companies based in the US.
The regulator made it impossible for companies to comply while suing them for violations.
The Winklevoss twins hope that Trump will transform the crypto industry, saying that the former US President was pro-bitcoin, pro-crypto, and pro-business. He urged US lawmakers to take heed and support the sector or risk ruining their political careers.
Trump has become a household name in the crypto space. His campaign centered around pro-crypto remarks, and he even promised to become the “crypto president.”
