Winklevoss twins get refund for exceeding legal limit when donating Bitcoin to Trump
Tyler and Cameron Winklevoss, the billionaire twin founders of Gemini cryptocurrency exchange, received partial refunds after their donation of Bitcoin (BTC) to Donald Trump’s presidential campaign exceeded the legal limit, according to a report by Bloomberg News. The brothers announced their donation of $1 million in Bitcoin (15.47 BTC) each to the campaign on X (formerly Twitter). However, the donations surpassed the maximum amount permitted by federal law. The excess amount was subsequently refunded to the Winklevoss twins, although it is unclear whether the refund was made in Bitcoin or cash.
In their donation announcement, Tyler Winklevoss expressed his support for President Trump, describing him as “pro-Bitcoin, pro-crypto, and pro-business.” He also criticized the Biden administration for its alleged hostility towards the cryptocurrency industry, accusing them of actively trying to dismantle it.
This $2 million donation from the Winklevoss twins comes after President Trump, who has recently portrayed himself as a cryptocurrency advocate, voiced his opposition to Democratic efforts to regulate the sector during a fundraising event with tech executives in San Francisco. Trump’s relationship with cryptocurrency has been complex, initially expressing disapproval of Bitcoin and labeling it as “highly volatile” and “based on thin air.” However, more recently, he seems to have embraced Bitcoin.
The Winklevoss twins’ donation and subsequent refund demonstrate the intersection of politics and cryptocurrency, as well as the legal frameworks within which political campaign donations must operate.