Gemini

2024

Bitcoin

The billionaire Winklevoss twins Cameron and Tyler, founders of the Gemini crypto exchange, have had their donations to former United States President Donald Trump’s election campaign returned after their Bitcoin donations exceeded the maximum amount allowed under federal law.
<a href="https://www.bloomberg.com/news/articles/2024-06-21/winklevoss-twins-refunded-after-trump-crypto-gift-exceeded-limit?embedded-checkout=true" target="_blank" rel="noopener nofollow">According</a> to a Bloomberg report, the amount exceeding the maximum donation was refunded, citing a campaign official who spoke on condition of anonymity.
<h3 data-ct-non-breakable="true" id="donations-returns-for-exceeding-legal-limit">Donations returns for exceeding legal limit</h3>
On Thursday, June 20, the <a href="https://cointelegraph.com/news/winklevoss-twins-bitcoin-trump-biden-crypto-us-president">twins each announced donations</a> totaling $2 million in Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) in posts on X, which would exceed the maximum $844,600 that the Trump campaign can legally accept per individual donation.
It is uncertain whether the Trump 47 Committee returned the amount in Bitcoin or converted it to its equivalent value in cash.
According to the report, the donated money is split among the former president’s campaign, the leadership political action committee that pays his legal bills, the Republican National Committee and 42 Republican Party state committees.
Related:&nbsp;&nbsp;<a href="https://cointelegraph.com/news/gemini-launches-campaign-finance-initiative-pro-cryptocurrency-candidates"></a><a href="https://cointelegraph.com/search?query=Winklevoss%2520Twins%2520#:~:text=Gemini%20launches%20campaign%20finance%20initiative%20for%20pro%2Dcrypto%20candidates">Gemini launches campaign finance initiative for pro-crypto candidates</a>
The Trump campaign’s acceptance of the Bitcoin donation is the latest move to signal a closer relationship between the campaign and the crypto industry, a key player in the 2024 election. Investors and crypto industry players tend to rally behind candidates who promise a lighter regulatory touch.
<h3 data-ct-non-breakable="true" id="winklevoss-twins-all-in-for-trump-2024">Winklevoss twins all in for Trump 2024</h3>
The Winklevoss brothers reportedly <a href="https://www.nytimes.com/2024/06/07/business/dealbook/donald-trump-big-tech-fundraiser.html" target="_blank" rel="noopener nofollow">attended</a> a June fundraiser for Trump that cost up to $300,000 per person. They have also donated roughly $5 million to the Fairshake political action committee and its affiliates, which is&nbsp;<a href="https://cointelegraph.com/news/super-pac-attack-ad-new-york-democrat">responsible for attack ads</a> against anti-crypto lawmakers.
Many users of the Gemini crypto exchange spent months <a href="https://cointelegraph.com/news/gemini-earn-users-recover-all-funds-dcg-remuneration">trying to get back funds</a> they invested in Gemini Earn, a program earning yield on crypto assets run jointly with now-bankrupt crypto lender Genesis Global. 
New York Attorney General Letitia James announced on May 20 that her office <a href="https://cointelegraph.com/news/new-york-settlement-genesis-fraud">secured a $2 billion settlement</a> with Genesis to address investor fraud claims. The settlement ordered Genesis to return funds to investors and cease operations in New York.
Gemini agreed in February to <a href="https://cointelegraph.com/news/gemini-refund-earn-customers-in-settlement-new-york-financial-regulator">return at least $1.1 billion</a> to customers through the Genesis bankruptcy as part of a settlement with the New York Department of Financial Services. The Securities and Exchange Commission <a href="https://cointelegraph.com/news/gemini-files-to-dismiss-sec-s-lawsuit-over-its-earn-product">sued Gemini and Genesis</a>&nbsp;over Gemini Earn early in 2023. <a href="https://cointelegraph.com/news/genesis-agrees-pay-21-m-settle-sec-case">Genesis has since&nbsp;settled</a>.
Magazine: <a href="https://cointelegraph.com/magazine/crypto-voters-are-already-affecting-the-2024-presidential-election/">Crypto voters are already disrupting the 2024 election — and it’s set to continue</a>

Winklevoss twins refunded for exceeding Bitcoin donation limit to Trump

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