Winklevoss Twins' Bitcoin Donations to Trump Exceed Federal Limit, Gemini Set to Refund $1.1B to Customers
Summary:
The Winklevoss twins, founders of cryptocurrency firm Gemini, were refunded after their Bitcoin donations to Donald Trump's campaign exceeded the federal limit. The refunded portion was announced on a social media platform and it remains unclear whether the refund was made in Bitcoin or cash. This highlights the growing relationship between Trump's campaign and the crypto industry. In other news related to Gemini, after an agreement with New York's Department of Financial Services, the company will be refunding at least $1.1 billion to its customers following the bankruptcy of Genesis.
Gemini Cryptocurrency firm founders and billionaires, the Winklevoss twins, had a portion of their excessive Bitcoin donations to Donald Trump's presidential campaign returned, as it surpassed the limit permitted by federal law. A campaign representative anonymously declared this information in a report by Bloomberg. The twins publicized on social media platform X about their Bitcoin donations of $2 million each to the projected Republican candidate, surpassing the individual legal limit of $844,600 that the Trump committee can officially receive. It remains unclear whether the Trump 47 Committee, the recipient of the Bitcoin donation, reimbursed in Bitcoin or cash equivalent. The donated funds are divided among Trump's campaign, the leadership political action committee that handles his legal costs, the Republican National Committee and 42 GOP state party committees. Trump's approval of the Bitcoin donation displays the escalating association between his campaign and the crypto sector, a crucial player in the 2024 election. Supporters rally behind candidates offering lighter regulations. The Winklevoss brothers notably attended a June fundraiser for Trump that cost up to $300,000 per participant. They also contributed approximately $5 million to the Fairshake political action committee and its affiliated entities, which ran attack ads against legislators and supported specific Democratic and Republican office nominees. Numerous Gemini crypto exchange users, a platform established by the twins, expended months striving to reclaim funds invested in Gemini Earn, a cooperative yield earning crypto assets program with the now insolvent Genesis. Users can currently retrieve their Earn assets in kind. Recent news from the New York Attorney General, Letitia James, informed she has recouped around $50 million from Gemini for deceived users. Gemini agreed in February to refund at least $1.1 billion to customers via the Genesis bankruptcy as part of a settlement with New York's Department of Financial Services. Legal action was taken against Gemini and Genesis over Gemini Earn by the Securities and Exchange Commission early last year; Genesis has resolved the charges. Observers note this early impact of crypto advocates in the 2024 election and expect the trend to persist.
Published At
6/22/2024 1:57:56 PM
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