Trump Campaign Refunds Winklevoss’ BTC Donation: Here’s Why

The Winklevoss twins’ generous $2 million donation to Donald Trump’s presidential campaign experiences a slight hiccup.

Donald Trump smiling next to Tyler and Cameron Winklevoss.
Created by Kornelija Poderskytė from DailyCoin
  • The Winklevoss twins are contributing millions to Donald Trump’s campaign. 
  • The Gemini CEOs’ latest donation hit an unexpected snag. 
  • Donald Trump’s campaign had to refund the Winklevoss twins’ generous donation. 

Donald Trump is quickly positioning himself as ‘the crypto President’ after flipping on his anti-crypto rhetoric and throwing his full support behind the industry. He even went as far as accepting crypto donations for his campaign.

The former President’s support has caught the attention of the US crypto industry, which has been in an intense multi-year battle against what he terms Biden’s anti-crypto crusade. 

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In a bid to boost Trump’s return to the White House, Gemini CEOs Tyler and Cameron Winklevoss are rallying behind the former President, contributing millions to his campaign. However, their latest donation has hit an unexpected snag.

Trump Campaign Refunds Winklevoss’ Generous Donation

Donald Trump’s presidential campaign unexpectedly refunded the generous donation of the billionaire Winklevoss twins. The twins had each announced donations totaling $2 million in Bitcoin as part of their campaign finance project to empower pro-crypto policymakers. 

However, Trump’s campaign had to refund the amount because it exceeded the legal limit under federal law. As per regulations, Trump’s committee can legally accept a maximum of $844,600 per individual. 

It remains uncertain whether Trump’s 47 committee, which accepted the Bitcoin donation, returned the excess funds in cryptocurrency or converted them to their equivalent in cash.

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Trump’s campaign donations are split among the former president’s campaign, the leadership political action committee that pays his legal bills, the Republican National Committee, and 42 GOP state party committees.

Interestingly, this isn’t the first time the Winklevoss twins have displayed such generosity towards Trump. They have been closely following Trump’s emergence as ‘the crypto president,’ reportedly attending several fundraisers for him with fees as high as $300,000 per person. The Gemini co-founders have also contributed over $5 million to Fairshake PAC, a pro-crypto political advocacy group.

On the Flipside

  • On June 8, 2024, Donald Trump reportedly raised approximately $12 million for his ongoing crypto-related campaigns.
  • After years of legal disputes, Gemini, the defunct crypto exchange led by the Winklevoss twins, recently announced it will fully reimburse users affected by the Earn program, returning their funds in full and in-kind.

Why This Matters

The Winklevoss twins’ generous donation to Donald Trump’s campaign could signal a seal of approval from the US crypto industry for the former President, potentially sparking a trend of similar support.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.