{"id":427874,"date":"2024-06-23T03:00:02","date_gmt":"2024-06-23T02:00:02","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=427874"},"modified":"2024-07-10T12:54:39","modified_gmt":"2024-07-10T11:54:39","slug":"winklevoss-twins-receive-refund-of-over-300k-from-trumps-campaign","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/winklevoss-twins-receive-refund-of-over-300k-from-trumps-campaign\/","title":{"rendered":"Winklevoss twins receive refund of over $300k from Trump\u2019s campaign"},"content":{"rendered":"<p>Cameron and Tyler Winklevoss have been collectively refunded around $310,800 by the Trump 47 Committee since they exceeded the maximum amount of donation allowed by federal law, a campaign official <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-21\/winklevoss-twins-refunded-after-trump-crypto-gift-exceeded-limit?embedded-checkout=true\">told<\/a> Bloomberg.<\/p>\n<p>The founders of Winklevoss Capital Management and Gemini crypto exchange each donated $1 million worth of Bitcoin (BTC) to former president Donald Trump, the presumptive Republican presidential nominee for the 2024 elections.<\/p>\n<p>According to federal law, a presidential campaign is legally allowed to accept a maximum donation of $844,600 from each person. It is not known however, whether the refund was processed in Bitcoin or its cash equivalent.<\/p>\n<p>According to the Bloomberg report, the donated money is split between Trump\u2019s presidential campaign, the leadership political action committee that pays his legal bills, the Republican National Committee, and 42 republican state party committees.<\/p>\n<h2>Trump is wooing the crypto industry<\/h2>\n<p>The news of the Winklevoss twins\u2019 donation refund comes days after they decried President Joe Biden for his \u2018anti-crypto\u2019 policies while calling Trump the \u201c<a href=\"https:\/\/cryptoslate.com\/winklevoss-twins-slam-biden-for-anti-crypto-policies-endorse-trump-as-pro-crypto-choice\/\">pro-crypto\u201d <\/a>choice.<\/p>\n<p>\u201c<i>President Donald J. Trump is the pro-Bitcoin, pro-crypto, and pro-business choice<\/i>,\u201d Tyler Winklevoss wrote in <a href=\"https:\/\/twitter.com\/tyler\/status\/1803872859938549920\">a post<\/a> on X on June 20.<\/p>\n<p>Over the past few weeks, Trump has re-iterated his intention to ease policies around crypto if re-elected. On June 7, Trump <a href=\"https:\/\/cryptoslate.com\/trump-vows-to-end-biden-gensler-crusade-against-crypto-after-taking-office\/\">said<\/a> that he will put an end to Biden\u2019s \u201cwar on crypto\u201d within an hour of taking office if re-elected. He also described himself as a \u201ccrypto president.\u201d Trump also intends to turn U.S. into a <a href=\"https:\/\/cryptoslate.com\/trump-vows-to-make-us-a-bitcoin-mining-powerhouse-if-re-elected\/\">Bitcoin mining powerhouse<\/a>.<\/p>\n<p>According to the Bloomberg report, Trump has also held discussions with Elon Musk on crypto policy.<\/p>\n<p>The Winklevoss twins are not the only ones in the crypto industry who support Trump\u2019s re-election. For instance, Brian Morgenstein, the head of policy at Bitcoin miner Riot Platforms, reportedly <a href=\"https:\/\/x.com\/RiotPlatforms\/status\/1800693209951268882\">said<\/a>:<\/p>\n<blockquote><p>\u201cPresident Trump will protect your right to own Bitcoin, to mine Bitcoin, to transact with Bitcoin, and for many of us, to work in the Bitcoin industry.\u201d<\/p><\/blockquote>\n<p>In late May, Trump also promised that on the first day after re-election, he would commute the life-sentence of Ross Ulbricht to time-served, thereby freeing the creator of the now-defunct darknet marketplace Silk Road.<\/p>\n<p>Brian Hughes, a senior adviser to Trump\u2019s campaign told Bloomberg:<\/p>\n<blockquote><p>\u201cCrypto innovators and others in the technology sector are under attack from Biden and Democrats. While Biden stifles innovation with more regulation and higher taxes, President Trump is ready to encourage American leadership in this and other emerging technologies.\u201d<\/p><\/blockquote>\n<h2>The legal troubles of the Winklevoss twins<\/h2>\n<p>The Gemini exchange, which is run by the twins, used to run the now defunct Gemini Earn program, which allowed users to earn yield on their assets. The program was jointly run with Genesis, which filed for bankruptcy in January 2023.<\/p>\n<p>Subsequently, several users of Gemini Earn spent months trying to recover their funds. In February, Gemini said it will <a href=\"https:\/\/cryptoslate.com\/gemini-strikes-deal-to-return-all-assets-in-kind-to-earn-users-instead-of-historic-dollar-equivalent\/\">return<\/a> 100% of the user assets \u201cin kind,\u201d as part of a Genesis bankruptcy settlement with the New York Department of Financial Services (NYDFS).<\/p>\n<p>In May, Gemini <a href=\"https:\/\/cryptoslate.com\/gemini-earn-returns-over-2-billion-in-crypto-triggering-concerns-of-sell-pressure\/\">said<\/a> that Earn users collectively received over $2.18 billion of their assets, representing 97% of all assets owed to Earn users. On June 14, the New York Attorney General\u2019s (NYAG) office announced that it had completed its settlement with Gemini and recovered $50 million worth of assets of Earn users.<\/p>\n<p>The NYAG said that Gemini \u201callegedly misled thousands of investors on the risks\u201d of the Earn program.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cameron and Tyler Winklevoss have been collectively refunded around $310,800 by the Trump 47 Committee since they exceeded the maximum amount of donation allowed by federal law, a campaign official told Bloomberg. The founders of Winklevoss Capital Management and Gemini crypto exchange each donated $1 million worth of Bitcoin (BTC) to former president Donald Trump, [&hellip;]<\/p>\n","protected":false},"author":1386,"featured_media":427885,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[79621,77644],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Winklevoss twins receive refund of over $300k from Trump\u2019s campaign<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/winklevoss-twins-receive-refund-of-over-300k-from-trumps-campaign\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Winklevoss twins receive refund of over $300k from Trump\u2019s campaign\" \/>\n<meta property=\"og:description\" content=\"Cameron and Tyler Winklevoss have been collectively refunded around $310,800 by the Trump 47 Committee since they exceeded the maximum amount of donation allowed by federal law, a campaign official told Bloomberg. The founders of Winklevoss Capital Management and Gemini crypto exchange each donated $1 million worth of Bitcoin (BTC) to former president Donald Trump, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/winklevoss-twins-receive-refund-of-over-300k-from-trumps-campaign\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-23T02:00:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-10T11:54:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/06\/trump-winklevoss.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Monika Ghosh\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Monika Ghosh\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/winklevoss-twins-receive-refund-of-over-300k-from-trumps-campaign\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/winklevoss-twins-receive-refund-of-over-300k-from-trumps-campaign\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/monika-ghosh\/#person\",\"name\":\"Monika Ghosh\",\"url\":\"https:\/\/cryptoslate.com\/author\/monika-ghosh\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/monika-ghosh\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/monika-ghosh\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/08\/monika-ghosh-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/08\/monika-ghosh-author-300x300.jpg\",\"caption\":\"Monika Ghosh\"},\"jobTitle\":\"Former Reporter\",\"description\":\"Monika started reading about crypto in 2020 and went deeper and deeper down the rabbit hole. 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