- Each of the twins’ Bitcoin donations to Trump’s presidential campaign totaled $1 million.
The co-founders of Gemini, Tyler and Cameron Winklevoss, praised former US President Donald Trump and declared their intention to vote for him in November on the grounds that he is the one who is most in favor of Bitcoin, cryptocurrency, and business.
The Winklevoss twins also declared that they had each given the Trump presidential campaign $1 million in Bitcoin. At a recent political rally, the former president promised to put an end to Biden’s war on cryptocurrency and stated that he has no plans to restrict individuals from using Bitcoin and other digital assets.
On June 20, the well-known businessmen, who gained notoriety in the crypto industry for their early Bitcoin investment and subsequent ascent to prominence, publicly endorsed Trump on social media. They also voiced their displeasure with President Joe Biden’s administration’s hostile policies towards the industry.
A pivotal point in the continuing discussion over cryptocurrency legislation in the US has been reached with the public endorsement of Trump and the large financial donation made to his campaign. Their backing reveals the profound differences in opinion among US politicians about the optimal course for digital assets and regulatory supervision.
Similar opinions have been voiced by others in the sector, including as Coinbase CEO Brian Armstrong, who has urged the cryptocurrency community to elect lawmakers that oppose cryptocurrency laws.
Claims of Excessive Government Intervention
Tyler Winklevoss attacked the Biden Administration in a string of tweets, claiming it was part of a calculated effort to undermine the cryptocurrency sector. He charged that federal agencies were being exploited by the administration to harass cryptocurrency startups and hinder innovation.
Tyler cited the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) as examples of their alleged manipulation of banks to steer clear of cryptocurrency businesses.
He referred to these initiatives as an extension of Operation Choke Point, a contentious program that he said was initiated under the Obama Administration and has been resurrected and strengthened under Biden.
The SEC’s regulatory function
Winklevoss also took issue with the SEC’s enforcement-based regulation of the industry. He maintained that creating new regulations for the industry ought to be the regulator’s main responsibility.
To assist any of its participants in understanding how to navigate the regulatory landscape, the SEC has not established a single rule specifically for the cryptocurrency industry.
He went on to say that the SEC has been able to arbitrarily sue cryptocurrency projects and businesses since there aren’t any clear guidelines. According to him, this is a ploy to make compliance impossible so that everyone can be sued for breaking the law.
In addition, Winklevoss took issue with the Howey Test’s implementation, which establishes if a given transaction counts as an investment contract. The test has been frequently used by the SEC in support of its position that the majority of cryptocurrency tokens are securities.
He explained that categorizing a cryptocurrency asset like Ethereum as a security would significantly reduce its utility in order to demonstrate the impracticality of the Howey Test in the context of contemporary digital assets.
Its usefulness would be completely destroyed, he continued, and its capacity to develop new financial systems would be seriously impeded.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
