The Winklevoss twins, Cameron and Tyler, are clearly deepening their ties with Donald Trump’s inner circle through a series of strategic moves that span both politics and business. Their investment in American Bitcoin follows their $2 million donation to Trump’s 2024 campaign, participation in White House crypto summits, and public support for Trump-era crypto legislation like the GENIUS Act. Gemini also filed for an IPO in June after the SEC—now led by Trump appointee Paul Atkins—dropped an earlier probe into the company. Additionally, reports suggest the twins may have influenced the delay of Brian Quintenz’s nomination to lead the CFTC. Meanwhile, Donald Trump nominated Stephen Miran to a temporary Fed seat.
Winklevoss Twins Deepen Ties with Trump Family
Cameron and Tyler Winklevoss, the billionaire co-founders of the cryptocurrency exchange Gemini, reportedly invested in American Bitcoin. This is a mining company with direct ties to the Trump family.
The investment was revealed in a Bloomberg report that cited Hut 8 CEO Asher Genoot, who confirmed the twins’ financial involvement in the mining firm that was co-founded by Donald Trump Jr., Eric Trump, and other partners. Although the exact amount of the investment is not clear, the move still strengthens the growing alliance between the Winklevoss brothers and President Donald Trump’s inner circle.
Cameron and Tyler Winklevoss
American Bitcoin is planning to go public through a merger with Gryphon Digital Mining, which was announced earlier this year. This latest development now also adds to a series of interactions between the Winklevoss twins and the Trump family.
In 2024, the Gemini co-founders made a $2 million contribution to Trump’s presidential campaign, attended various inauguration-related events, and participated in a high-profile White House crypto summit in March. More recently, the brothers were present at the July 18 signing of the GENIUS Act. This is legislation specifically aimed at regulating payment stablecoins. During the signing, President Trump personally acknowledged their efforts and support.
Their company, Gemini, also made headlines in June after filing for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC). The regulatory landscape seemed more favorable for the firm over the past few months. In February, the SEC—now chaired by Trump appointee Paul Atkins—dropped a previous investigation into Gemini regarding the alleged offering of unregistered securities through its Earn program.
Additionally, reports from Politico suggest that the Winklevoss twins may have influenced the White House's delay in moving forward with the nomination of Brian Quintenz to chair the Commodity Futures Trading Commission (CFTC). Although the twins openly voiced their support for Quintenz earlier, sources indicate they may have recently lobbied against his appointment. A vote on his nomination by the Senate Agriculture Committee was postponed before the August recess, which left the matter unresolved for now.
Trump Picks Stephen Miran for Temporary Fed Seat
Meanwhile, US President Donald Trump very recently announced that he plans to nominate Stephen Miran, the current chair of the Council of Economic Advisors, to temporarily fill the seat of outgoing Federal Reserve Board of Governors member Adriana Kugler. Kugler's resignation becomes effective on Friday, and it opens a crucial vacancy on the Fed board.
Trump’s pick could influence the direction of US monetary policy, including decisions around federal interest rates. Miran will serve in the interim role until Jan. 31, 2026, while the administration searches for a permanent appointee.
Adriana Kugler’s resignation announcement (Source: Board of Governors of the Federal Reserve System)
Trump reportedly considered a shortlist of candidates including economic adviser Kevin Hassett, former Fed governor Kevin Warsh, and two others before settling on Miran. The nomination, however, must still be approved by the Senate. No explanation was given for Kugler’s sudden departure, which adds to the uncertainty surrounding the Fed's future leadership and decision-making, especially as inflation and interest rates remain central concerns for the US economy.
Both Hassett and Warsh are well known people in economic and financial circles. Hassett, who previously directed the National Economic Council during Trump’s earlier term, disclosed in June that he held between $1 million and $5 million in shares of Coinbase Global, a major cryptocurrency exchange. Warsh, who served on the Fed board from 2006 to 2011, is open to blockchain innovations, and even suggested that such technologies could benefit the US central bank’s payment systems.
President Donbald Trump and Fed Chair Jerome Powell
Trump’s historically tense relationship with Federal Reserve Chair Jerome Powell, whom he nominated in his first term, continues to raise questions about the Fed’s independence under his administration. Legal scholars debated whether the president even has the authority to remove Powell without cause, but a Supreme Court ruling in April expanded presidential control over certain federal agencies. This very likely paved the way for stronger White House influence on Fed policy in the future.
