Gemini co-founders Tyler and Cameron Winklevoss have made headlines recently for their endorsement of former US President Donald Trump as the best choice for the crypto industry. The twins expressed their dissatisfaction with President Joe Biden’s administration, criticizing what they see as anti-crypto policies.
In a bold move, the Winklevoss twins each donated $1 million in Bitcoin to Trump’s Presidential campaign, highlighting their support for his pro-crypto stance. Trump has promised to end what he calls Biden’s “war on crypto” and has expressed support for the use of digital assets like Bitcoin.
Tyler Winklevoss took to social media to criticize the Biden Administration for what he described as an abuse of power against the crypto industry. He specifically called out federal agencies like the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation for pressuring banks to avoid working with crypto companies.
The twins’ endorsement of Trump and their vocal opposition to Biden’s policies have reignited the debate over crypto regulation in the US. Other industry leaders, such as Coinbase CEO Brian Armstrong, have echoed similar sentiments, urging the crypto community to support politicians who are pro-crypto.
Tyler Winklevoss also took aim at the Securities and Exchange Commission (SEC) for its regulation by enforcement approach, arguing that the lack of clear rules for the crypto industry has led to arbitrary lawsuits against projects and companies. He criticized the SEC’s reliance on the outdated Howey Test to determine whether crypto assets are securities, pointing out the limitations this approach imposes on innovation.
Overall, the Winklevoss twins’ endorsement of Trump and their criticism of the Biden Administration shed light on the deep divisions within the US political landscape when it comes to crypto regulation. Their support for Trump underscores the importance of choosing leaders who understand and support the growth of the crypto industry.