The billionaire Winklevoss twins, founders of cryptocurrency company Gemini, have received a refund after the Bitcoin they donated to Donald Trump’s presidential campaign exceeded the maximum allowed under federal law.
Bloomberg News, citing a campaign official who spoke on condition of anonymity to discuss the matter, said any portion exceeding the legal limit was refunded to donors.
Why refund?
The twins announced a total of $2 million in Bitcoin donations to the presumptive Republican nominee Thursday through a post on social media site
It is unclear whether the Trump 47 committee, which accepts Bitcoin donations and generally focuses on large donors, returned the money in Bitcoin or converted it to its cash equivalent.
According to the report, the donated money is split between the former president’s campaign, the leadership political action committee that pays his legal fees, the Republican National Committee and 42 Republican state committees.
Related: Gemini Launches Campaign Finance Initiative for Crypto Advocates
Trump’s acceptance of Bitcoin donations adds to the burgeoning relationship between his campaign and the cryptocurrency industry, a key player in the 2024 election. Investors and allies are supporting candidates who promise lighter regulation.
twins background
The Winklevoss brothers attended a fundraiser for Trump in June that cost up to $300,000 per person. They also donated about $5 million to the Fairshake political action committee and its affiliates, which run attack ads against members of Congress and support certain Democratic and Republican candidates.
Many users of the Gemini cryptocurrency exchange founded by the twins have spent months trying to get back the money they invested in Gemini Earn, a program for earning returns on cryptocurrency assets jointly operated by the now-bankrupt Genesis.
However, users can now get their accumulated assets back in kind. Last week, New York Attorney General Letitia James said the company had recovered about $50 million from Gemini for “defrauded” users.
Gemini agreed in February to return at least $1.1 billion to customers through Genesis’ bankruptcy as part of a settlement with the New York Department of Financial Services. The Securities and Exchange Commission sued Gemini and Genesis over Gemini Earn early last year. Genesis settled the charges.
magazine: Crypto voters are already disrupting the 2024 election and will continue to do so.