Winklevoss Twins refunded for exceeding Bitcoin donation limit to Trump

The millionaire Winklevoss twins Cameron and Tyler who founded the Gemini cryptocurrency exchange, had their donations to former US President Donald Trump’s election campaign and returned after exceeding the maximum amount allowed by federal law. The Bloomberg article, citing a campaign official who spoke anonymously, stated that the sum donated above the maximum was repaid.

the twins posted on X about the donations totaling $2 million in Bitcoin BTC. and this amount exceeds the legal cap of $844,600. so that the Trump campaign can receive from each donor. It’s questionable if the Trump 47 Committee converted the Bitcoin payments to cash or returned the full total in Bitcoin.

And also the money that donated reportedly divided between the Republican National Committee and 42 Republican Party state committees.the former president’s campaign, and the leadership political action committee, which covers his legal expenses.

The Trump campaign’s decision to accept the Bitcoin donation is the most recent indication of a closer alliance with the cryptocurrency sector. This sector is expecting to play a significant role in the 2024 election. moreover, candidates who promise less strict regulations typically receive support from investors and cryptocurrency industry members.

Winklevoss brother’s contribution

According to some information, the Winklevoss brothers paid up to $300,000 a person to attend a fundraiser for Trump in June. Additionally, they have contributed around $5 million to the Fairshake political action committee and its allies, which finance the attack advertisements directed at lawmakers who oppose cryptocurrency.

Most of  Gemini cryptocurrency exchange users battled for months to recover money they had deposited in Gemini Earn, a joint venture between Genesis Global, a now-bankrupt cryptocurrency lender, and Gemini Earn. apart from that on May 20, New York Attorney General Letitia James declared that her office had reached a $2 billion settlement with Genesis to resolve allegations of investor fraud.

According to the settlement, Genesis had to stop doing business in New York and repay investors as part of it with the New York Department of Financial Services, Gemini agreed in February to repay clients through the Genesis bankruptcy. Over Gemini Earn, the Securities and Exchange Commission filed a lawsuit against Gemini and Genesis early in 2023.