YEREVAN (CoinChapter.com) — The Winklevoss twins, founders of the cryptocurrency company Gemini, received a refund after their Bitcoin donations to Donald Trump’s presidential campaign exceeded federal limits.
They announced on X that they each donated $2 million in Bitcoin to Trump’s campaign. Federal law caps individual contributions to $844,600. As a result, the campaign refunded the excess amount.
A campaign official, speaking anonymously, confirmed the refund. However, it remains unclear if the refunded amount was returned in Bitcoin or converted to cash.
Trump’s Campaign Benefits from Winklevoss Twins’ Bitcoin Donations and Fundraiser Support
Trump’s campaign splits donations among multiple entities, including the campaign itself, a leadership political action committee, the Republican National Committee, and 42 GOP state party committees. This ensures funds support various aspects of the campaign. Accepting Bitcoin donations is a notable event in the 2024 election, highlighting Trump’s campaign‘s alignment with the growing influence of the cryptocurrency industry in politics.
The Winklevoss twins attended a June fundraiser for Trump. The event had a high entry cost, up to $300,000 per person. Additionally, they have donated about $5 million to the Fairshake political action committee, which funds attack ads and supports various candidates.
Gemini’s Legal and Financial Struggles: Asset Recovery and Political Support Initiatives
Gemini, the crypto exchange founded by the Winklevoss twins, has encountered significant issues. Users of the Gemini Earn program, which offered yields on crypto assets, struggled to recover their investments after Genesis, a partner in the program, declared bankruptcy.
New York Attorney General Letitia James recently recovered about $50 million from Gemini for users who were defrauded.
In February, Gemini agreed to return at least $1.1 billion to customers through the Genesis bankruptcy settlement. Additionally, the Securities and Exchange Commission (SEC) sued both Gemini and Genesis over the Earn program. Genesis has settled the charges.
Gemini has launched several initiatives to support pro-crypto political candidates. These efforts aim to influence policy and regulatory frameworks in favor of the cryptocurrency industry.
