Tyler and Cameron Winklevoss, the billionaire twin brothers who founded the cryptocurrency exchange Gemini, got partial refunds after their Bitcoin donation to Donald Trump’s presidential campaign went over the legal limit, according to Bloomberg News on Friday.
On Thursday, the brothers each announced on X (formerly Twitter) that they donated $1 million in Bitcoin (15.47 BTC) to the campaign. However, these donations exceeded the legal maximum of $844,600 per person that the Trump committee could accept under federal law, the report said.
Winklevoss Twins Refunded for Excessive Bitcoin Donation to Trump Campaign
The Winklevoss twins, Tyler and Cameron, received refunds for the portion of their Bitcoin donation to Donald Trump’s presidential campaign that exceeded the legal limit, according to a campaign official cited by Bloomberg News. It remains unclear whether the refund was issued in Bitcoin or cash.
Tyler Winklevoss explained their donation in a post on X (formerly Twitter), stating, “President Donald J. Trump is the pro-Bitcoin, pro-crypto, and pro-business choice.” He criticized the Biden administration for what he described as a “war against crypto,” accusing it of using various government agencies to intimidate and sue those in the cryptocurrency industry.
The $2 million donation from the Winklevoss twins came shortly after Trump, who has recently shown support for Bitcoin and cryptocurrency, spoke out against Democratic regulatory efforts during a fundraiser with tech executives in San Francisco. Brian Hughes, a senior adviser to the Trump campaign, told Bloomberg News, “Crypto innovators and others in the technology sector are under attack from Biden and Democrats. While Biden stifles innovation with more regulation and higher taxes, President Trump is ready to encourage American leadership in this and other emerging technologies.”
Trump’s Complicated Relationship with Cryptocurrency
Trump has had a complex relationship with cryptocurrency. During his first term as US president from 2017 to 2021, his statements often influenced market movements, yet he never claimed to like Bitcoin.
In a 2019 tweet, Trump declared, “I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” He further argued that “unregulated crypto assets can facilitate unlawful behavior, including drug trade and other illegal activity.” This tweet has since been deleted.
Later that same year, Trump referred to Bitcoin as “very dangerous.” However, more recently, he appears to have embraced Bitcoin, indicating a shift in his stance on the cryptocurrency.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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