Gemini Exchange has launched a campaign finance project aimed at supporting pro-crypto candidates in the upcoming U.S. Presidential election this November. This initiative follows a significant donation of $2 million from Cameron and Tyler Winklevoss to former President Trump’s re-election campaign on June 20, 2024.
Just before Gemini’s announcement, Tyler Winklevoss publicly criticized President Biden and his administration's stance on the crypto industry. He expressed that the current administration penalizes successful enterprises outside of its control, stating, "The crime is always success and the reward is always ridicule, fines, and even more red tape." He further accused the Biden administration of manipulating success for political gain, suggesting their policies could ultimately harm the economy and the country. The everchanging Notcoin (NOT) price also reflects the industry's volatility and the impact of political decisions on market sentiment.
The political engagement by the Winklevoss twins and Gemini is part of a broader trend within the cryptocurrency industry. Earlier in June, Coinbase’s "Stand with Crypto" PAC celebrated reaching 1 million signatures from pro-crypto voters. Similarly, executives from CleanSpark, Marathon Digital, and Riot Platforms have founded "The Bitcoin Voter Project," a non-partisan voter education organization.
Additionally, the crypto super PAC Fairshake recently reported raising $169 million in donations. Unlike The Bitcoin Voter Project, Fairshake actively runs political ads against candidates who oppose cryptocurrency.
These efforts underscore the growing political mobilization within the crypto sector as stakeholders aim to influence policy and support favorable candidates.
