Amaka NwaokochaJun 22, 2024Winklevoss twins refunded for exceeding Bitcoin donation limit to TrumpIt is uncertain whether the Trump 47 Committee returned the amount in Bitcoin or converted it to its equivalent value in cash.17016 Total views32 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe billionaire Winklevoss twins Cameron and Tyler, founders of the Gemini crypto exchange, have had their donations to former United States President Donald Trump’s election campaign returned after their Bitcoin donations exceeded the maximum amount allowed under federal law.
According to a Bloomberg report, the amount exceeding the maximum donation was refunded, citing a campaign official who spoke on condition of anonymity.Donations returns for exceeding legal limit
On Thursday, June 20, the twins each announced donations totaling $2 million in Bitcoin (BTC) in posts on X, which would exceed the maximum $844,600 that the Trump campaign can legally accept per individual donation.
It is uncertain whether the Trump 47 Committee returned the amount in Bitcoin or converted it to its equivalent value in cash.
According to the report, the donated money is split among the former president’s campaign, the leadership political action committee that pays his legal bills, the Republican National Committee and 42 Republican Party state committees.
Related: Gemini launches campaign finance initiative for pro-crypto candidates
The Trump campaign’s acceptance of the Bitcoin donation is the latest move to signal a closer relationship between the campaign and the crypto industry, a key player in the 2024 election. Investors and crypto industry players tend to rally behind candidates who promise a lighter regulatory touch.Winklevoss twins all in for Trump 2024
The Winklevoss brothers reportedly attended a June fundraiser for Trump that cost up to $300,000 per person. They have also donated roughly $5 million to the Fairshake political action committee and its affiliates, which is responsible for attack ads against anti-crypto lawmakers.
Many users of the Gemini crypto exchange spent months trying to get back funds they invested in Gemini Earn, a program earning yield on crypto assets run jointly with now-bankrupt crypto lender Genesis Global.
New York Attorney General Letitia James announced on May 20 that her office secured a $2 billion settlement with Genesis to address investor fraud claims. The settlement ordered Genesis to return funds to investors and cease operations in New York.
Gemini agreed in February to return at least $1.1 billion to customers through the Genesis bankruptcy as part of a settlement with the New York Department of Financial Services. The Securities and Exchange Commission sued Gemini and Genesis over Gemini Earn early in 2023. Genesis has since settled.
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