The Winklevoss twins have been refunded for exceeding the limit on Bitcoin donations to Trump
The billionaire Winklevoss twins, founders of the cryptocurrency company Gemini, were refunded after their bitcoin donations to Donald Trump's presidential campaign exceeded the maximum amount allowed under federal law.
According to Bloomberg, citing a campaign official who spoke on condition of anonymity to discuss the matter, a portion above the legal limit was returned to donors.
Why refund?
In posts on social media site X on Thursday, the twins each disclosed that they had donated $2 million in Bitcoin to the Republican nominee, which is more than the $844,600 maximum the Trump committee can legally receive per person.
The Trump 47 committee, which accepts Bitcoin donations and typically focuses on larger contributions, is unsure whether it will return the amount in Bitcoin or convert it to its equivalent value in cash.
According to the report, the donations were split between the former president's campaign, the Leadership Political Action Committee, which pays his legal bills, the Republican National Committee and 42 GOP state party committees.
Related: Gemini Launches Campaign Finance Initiative for Pro-Crypto Candidates
Trump's acceptance of Bitcoin donations adds to the growing relationship between his campaign and the crypto industry, a key player in the 2024 election. Investors and partners rally behind candidates who promise a lighter regulatory hand.
The background of twins
The Winklevoss brothers reportedly attended a fundraiser for Trump in June. They also donated about $5 million to the Fairshack Political Action Committee and its affiliates, which is responsible for running attack ads on lawmakers and supporting certain Democratic and Republican candidates for office.
Users of the Gemini crypto exchange founded by the twins have spent months trying to get back the money many of them invested in Gemini Earnings.
However, users can now redeem their Earn assets in kind. Last week, New York Attorney General Letitia James said that Gemini had “swindled” consumers out of about $50 million.
Gemini agreed in February to repay at least $1.1 billion to customers through the Genesis bankruptcy in a settlement with the New York Department of Financial Services. The Securities and Exchange Commission sued Gemini and Genesis earlier last year over Gemini's earnings. Genesis corrects the charge.
Magazine: Crypto voters are rocking the 2024 election — and it's set to continue.
