Winklevoss twins exceeded the legal contribution limit for a presidential campaign. The Bitcoin millionaire brothers each donated $1 million in BTC, which is above the maximum allowed under the federal law. The 47 Committee, Donald Trump's fundraising committee for his 2024 elections, can legally accept up to $844,600 per person.
According to Bloomberg's report, citing an anonymous official, the difference was returned to the donors. The source didn't clarify the form of the refund: whether the money was returned as Bitcoin or converted to cash.
Winklevoss donated $2 million in Bitcoin to Trump's campaign
The news follows last Thursday's announcement by Tyler Winklevoss, who revealed on Twitter having "just donated $1 million in bitcoin (15.47 BTC) to @realDonaldTrump." Cameron Winklevoss donated an identical amount. The millionaire also declared he'd be voting for Trump in November and substantiated his decision by citing Biden's war against crypto.
The statement includes a severe accusation against the current administration's anti-crypto policies. "Over the past few years, the Biden Administration has openly declared war against crypto. It has weaponized multiple government agencies to bully, harass, and sue the good actors in our industry in an effort to destroy it. 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," Tyler Winklevoss wrote.
Winklevoss believe Donald Trump is the "pro-Bitcoin, pro-crypto, and pro-business choice"
The present administration has indeed been unfavorable to the crypto industry, comparing cryptocurrency traders to "wealthy tax evaders" and officially criticizing Bitcoin while promoting a central bank digital currency (CBDC).
Anti-crypto policies and sentiments have directly affected Cameron and Tyler Winklevoss. The famous twins founded Gemini, a cryptocurrency exchange platform, in 2014 and have been present in the crypto space ever since, making investments and fighting legal battles.
In February this year, Gemini agreed to return at least $1.1bn to customers of its defunct lending program as part of an agreement with the New York Department of Financial Service. The settlement included a $37 million penalty for compliance failures pointed out by the NYDFS,
Overall, Winklevoss brothers have reasons to support more crypto-friendly policies. They are placing their bet on Donald Trump who – once a crypo skeptic – has switched to acting as the industry's protector, promising to end Biden's war on crypto.
"President Donald J. Trump is the pro-Bitcoin, pro-crypto, and pro-business choice. This is not even remotely open for debate. Anyone who tells you otherwise is severely misinformed, delusional, or not telling the truth," Tyler Winklevoss writes in the concluding paragraph.
