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The Winklevoss twins, Cameron and Tyler Winklevoss, known for founding the Gemini exchange, just made a major move in the crypto market. They snapped up over $42 million worth of Bitcoin (BTC) today, according to reports. Ad Ad Winklevoss Twins Buy More Bitcoin Per Arkham Intelligence data, the Winklevoss twins withdrew 572 BTC worth $42.77
The post Just-In: Winklevoss Twins Boost Bitcoin Stack with $42M BTC Purchase appeared first on CoinGape.
]]>Tyler and Cameron Winklevoss, co-founders of the cryptocurrency exchange Gemini, have donated $21 million in Bitcoin (188 BTC) to the Digital Freedom Fund PAC. This move is a direct effort to support President Donald Trump’s vision of making the United States a global leader in cryptocurrency. Gemini Founders Winklevoss Twins Back Trump Crypto Vision The
The post Gemini’s Winklevoss Twins Donate $21M in Bitcoin to PAC Backing Trump’s Crypto Push appeared first on CoinGape.
]]>Winklevoss twins who are the founders of the cryptocurrency company Gemini got their excess Bitcoin donation to Donald Trump’s presidential campaign returned because the contributions they made exceeded the maximum legal limit.
Cameron and Tyler Winklevoss each contributed $1 million in Bitcoin to the Trump campaign, a contribution that exceeded the $844,600 limit for individuals to contribute to political campaigns.
Winklevoss Brothers Trump Bitcoin Campaign Donation Returned
A campaign official, speaking anonymously, clarified that the excess amount was refunded to the Winklevoss twins, each $ 155,400. However, whether the refund was in Bitcoin or its cash equivalent remains to be determined. The Trump campaign has accepted Bitcoin donations, reflecting the former president’s embrace of the cryptocurrency community.
The contributions are divided among Trump’s campaign, his leadership political action committee, the Republican National Committee, and 42 state GOP committees.
Such donations arrived as Trump sided with the crypto community and voiced against the democrats’ efforts to regulate the industry. The Winklevoss twins, who are also known for their Bitcoin investment, have openly supported Trump and labelled him as a “pro-Bitcoin” and “pro-crypto” candidate.
Regulatory Challenges and Industry Relations
Gemini, a crypto exchange founded by the Winklevoss twins, has also been through some regulatory challenges such as a settlement with the U. S. and New York state financial regulators and a lawsuit by the Securities and Exchange Commission (SEC).
Nevertheless, the Winklevoss brothers still stand for Trump and consider him as the protector of the crypto industry from regulatory actions. Some activities that demonstrate Trump’s crypto friendship are his meetings with Bitcoin miners in a recent round table.
Although Trump has been charged with 34 felonies and has faced numerous other legal issues, he still leads the Republican presidential race. His engagement with the crypto industry is a part of a larger effort to garner support from the business community and tech elites. This approach is different from the current administration led by the President Joe Biden as the Winklevoss twins and other enthusiasts of the cryptocurrency have alleged that the administration is against the industry by coming up with regulations.
Crypto PAC and Electoral Influence
Likewise, Stand With Crypto PAC has also turned out to be quite active in endorsing the candidates who support the cryptocurrency business.
This PAC has endorsed 18 candidates for the upcoming elections, pointing to the increasing political power of crypto voters.
The PAC stated that over 52 million people in America own digital currency, and a majority of them want a new financial system. This group is a swing vote, with several stating that they would not vote for politicians against cryptocurrencies.
Read Also: Pro-Bitcoin Donald Trump Declares Himself “Crypto President”
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Winklevoss twins, co-founders of Gemini, have each contributed $1 million in Bitcoin to the reelection campaign of the former U. S. President Donald Trump.
The twins endorsed Trump, stating that he is a supporter of cryptocurrency and that President Joe Biden has declared war on the crypto space.
Winklevoss Twins’ Endorsement
Cameron and Tyler Winklevoss have stated that they will be voting for the current Republican candidate for president, Donald Trump. Each of the brothers sent 15.47 BTC, or approximately $1 million, to Trump’s campaign.
I also just donated $1 million in bitcoin (15.47 BTC) to @realDonaldTrump and will be voting for him in November.
Here’s the TL;DR — President Trump is:
Pro-Bitcoin
Pro-Crypto
Pro-BusinessAnd he will put an end to the Biden Administration’s war on crypto. Onward! https://t.co/r6iDP7BdbE
— Cameron Winklevoss (@cameron) June 20, 2024
Tyler Winklevoss claimed that Trump was “pro-Bitcoin” and “pro-crypto,” and accused President Biden of launching a war against the crypto industry. He claimed that the Biden administration was using regulatory actions against crypto firms and called it the “weaponization of the banking system against crypto companies. ”
Also, Tyler recalled that the U. S. Securities and Exchange Commission (SEC) has been taking enforcement actions against companies involved in cryptocurrencies during Biden’s administration and referred to it as Operation Choke Point 2.0.
Trump’s Legal and Political Maneuvers
Despite the cases that he is still facing in the courts, Trump has not faded from the political stage. In May, he was found guilty on 34 felony charges with a scheduled sentencing hearing for July 11. Nevertheless, he has high poll ratings as for a potential candidate for the Republican nomination for the presidency.
Trump’s positive attitude towards cryptocurrencies has brought debate among his supporters and opponents. On the one hand, many people have supported the endorsement of the Winklevoss twins, however, others have raised an eyebrow at Trump’s move since he once called Bitcoin a scam in 2021. However, Trump has since embraced the crypto space and dubbed himself the ‘Crypto President’ in a bid to woo the crypto community.
On the other hand, President Biden has come under fire for his administration’s regulatory policies. There are indications that Biden may also want to take cryptocurrency for his reelection campaign. The changing political environment indicates that cryptocurrency is becoming an essential part of the U.S. political process, and candidates from both parties are interacting with the industry to different extents.
Former President’s Commitment to Crypto
Speaking at a fundraising event in San Francisco, Trump vowed to put an end to Biden’s ‘war on crypto’ should he win the election.
This position is in line with the opinion of some international leaders including Nayib Bukele, the President of El Salvador who endorsed Trump’s bid.
Also, Trump has been making efforts to be close to the crypto community and has invited NFT buyers for a dinner, announced that his campaign will be accepting crypto donations, and met with major mining companies. According to Coingape’s report, he intends to support the crypto industry, promising all BTC would be mined within the United States.
Read Also: US Presidential Candidate Donald Trump Meets Bitcoin Miners In the US, What’s Cooking?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
- Winklevoss twins donate $2M in Bitcoin to Donald Trump’s campaign.
- The Gemini founders cited Trump’s pro-business and pro-crypto stance as reasons for their support.
- Trump’s campaign recently announced that it would start accepting crypto donations.
The founders of Gemini, Cameron Winklevoss and Tyler Winklevoss, commonly referred to as the Winklevoss twins, have each donated $1 million worth of Bitcoin (BTC) to the campaign of former president Donald Trump.
The twins’ decision to donate such a substantial amount in Bitcoin marks a significant step in the intersection of technology, finance, and political fundraising. It underscores the growing influence of cryptocurrency in mainstream politics, where digital assets are increasingly becoming a viable form of campaign contributions.
Supporting Trump for his pro-crypto stance
Announcing his donation, Tyler Winklevoss articulated his support in a statement shared on X, emphasizing Trump’s favorable stance on crypto and business. He criticized the Biden Administration’s approach, accusing it of aggressive tactics against the crypto industry.
Similarly, Cameron Winklevoss echoed his brother’s sentiments, portraying Trump as a proponent of Bitcoin and cryptocurrencies, aligning with their business interests and regulatory concerns.
Trump’s position on cryptocurrency
Donald Trump’s acceptance of Bitcoin donations from the Winklevoss twins reflects his evolving stance on cryptocurrency.
While specifics on Trump’s cryptocurrency policies during his presidency were limited, his campaign’s acceptance of Bitcoin donations signals a willingness to engage with the digital asset community. This move contrasts with the cautious approach of the current administration to cryptocurrency regulation, indicating a potential shift in political strategy regarding digital finance.
Recently, Trump sat down with Bitcoin mining experts and executives at the Mar-a-Lago Club in Palm Beach, Florida, discussing how the U.S. needs to be at the forefront when it comes to Bitcoin issues.
With various government agencies scrutinizing digital assets, the Winklevoss twins’ donation to Trump may serve as a catalyst for discussions on how political candidates and parties perceive and integrate digital currencies into their campaigns.
The Gemini founders filed for the first Bitcoin ETF with the US SEC ten years ago, which was rejected for almost the same reason the recent BlackRock and Fidelity products were dismissed.
The need for a regulated Bitcoin product, including an Exchange Traded Fund (ETF), is undoubtedly mounting on the United States regulators as institutional investors, led by BlackRock Inc (NYSE: BLK) with nearly $10 trillion in Assets Under Management (AUM), pushes to enter the crypto industry. With the $1 trillion crypto market estimated to overtake that of precious metals in the coming years, amid ballooning global inflation, the demand for well-structured digital assets like Bitcoin and Ethereum can not be ignored.
As a result, the political divide between the Democrats and Republicans has increased when it comes to ways to regulate the nascent industry. According to the Biden administration, perhaps a view shared by most Democrats in Congress, most digital assets are unregulated securities, and investors should prepare for the digital dollar through FedNow soon.
On the other hand, some politicians including presidential aspirant Robert F Kennedy Jr, Bitcoin, and other crypto assets are integral parts of the financial freedom that needs to be protected. As a result, experts forecast a great rift in next year’s US presidential election on matters pertaining to crypto assets.
Winklevoss Brothers Criticize the SEC for Not Approving Safe Bitcoin ETF Products
According to Cameron Winklevoss, one of the Gemini exchanges co-founders, the SEC has pushed American crypto investors to risky products and firms like FTX for failing to approve safer avenues to access the nascent crypto market. Notably, Gemini filed for a Bitcoin ETF ten years ago but the SEC rejected the filing.
Today marks 10 years since @tyler and I filed for the first spot Bitcoin ETF. The @SECGov‘s refusal to approve these products for a decade has been a complete and utter disaster for US investors and demonstrates how the SEC is a failed regulator. Here’s why:
-“protected”… pic.twitter.com/xmK1xo1iX8
— Cameron Winklevoss (@cameron) July 2, 2023
According to the SEC, the Bitcoin market is heavily controlled by wash trading and there are no mechanisms to avoid mass fraud. However, Cameron noted that the SEC needs to cease overstepping its statutory powers in regulating the crypto industry.
“Maybe the SEC will reflect on its dismal record and instead of overstepping its statutory power and trying to act like the gatekeeper of economic life, it will focus on fulfilling its mandate of investor protection,” he noted.
Notably, the crypto investor highlighted that some investors have been forced to enter the digital asset industry through regulated and risky products like Grayscale Bitcoin Trust (GBTC), which he referred to as toxic. Worth noting that Gemini and Digital Currency Group (DCG)- backed Genesis Trading are under court supervision after failing to meet a reasonable deal on defaulted loans.
Meanwhile, the SEC has dismissed the recent Bitcoin ETF frenzy for lacking clarity and asked the respective firms to review their filings. The Bitcoin ETF frenzy significantly helped BTC price rebound from trading below $25k to as high as $30.8k in the past few weeks.
As reported by financial time, U.S. SEC today sued crypto trading group Gemini and Genesis. The charges have specifically been filed for Gemini’s earn program that allows crypto traders to earn interest over their deposited crypto tokens. SEC claims that crypto lending scheme offered by Gemini were not properly registered as securities.
Gemini And Genesis Under SEC Scanner
Earlier today, SEC enforcement action announced that Gemini and Genesis group are being sued for not registering their crypto lending program properly as securities. SEC claims that Gemini charged agent fees as high as 4.29% for facilitating the scheme.
During the FTX crisis, Genesis disabled withdrawals citing insufficient liquidation as a result of crypto market crash. Following this investors have not been able to withdraw their funds till date.
Not only this, Gemini Co-founder Cameron Winklevoss and DCG CEO Barry Silbert are already at cross roads. In a recent public outage Gemini Co-founder demanded firing Barry Silbert. DCG group owns Genesis along with media outlet coindesk and investment manager Grayscale.
The post Breaking: US SEC Sues Winklevoss Twin’s Crypto Exchange Gemini appeared first on CoinGape.
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On Monday, January 9, the world’s largest Bitcoin fund – the Grayscale Bitcoin Trust (OTCMKTS: GBTC) – jumped by 12% in what seems to be a relief rally after a massive correction.
Amid major events in the crypto space last year, the GBTC share is trading 70% down on the yearly chart and is currently under $10. Monday’s 12% price pump is GBTC’s largest single-day jump since February 2022. Of late, the Grayscale Bitcoin Trust has been performing better than Bitcoin. It has managed to narrow its discount to net asset value to 44% from 49% in the last month.
Yesterday’s rally comes following the Sunday deadline from Gemini co-founder Cameron Winklevoss for DCG and Barry Silbert to “publicly commit to working together” and fix the $900 million of frozen assets by subsidiary Genesis Global.
It seems that the weekend deadline went without any fireworks and Winklevoss didn’t specify what would happen if the agreement didn’t go through. The open letter by Cameron Winklevoss has raised fears that Genesis Global could file for bankruptcy. It has further fuelled concerns regarding the health of the parent group DCG, as well as the future of Grayscale Bitcoin Trust.
Redeem GBTC Campaign In the Works
Despite the current price pump in the shares of Grayscale Bitcoin Trust, it is still trading at a steep 44% discount to spot BTC which can’t be neglected. Furthermore, the furor is growing on this matter and the fact that the fund’s structure doesn’t allow for share redemptions.
Additionally, crypto industry veteran David Bailey launched the redeem GBTC campaign last month which is gaining a lot more traction. As per one of his latest tweets, Bailey said that nearly 20% of GBTC shareholders have joined the effort. He didn’t elaborate much on it though. In his sharp attack at DCG, Bailey wrote:
“DCG sold a fiction to Wall Street. They thought they could never lose control because the shares are distributed so widely across 850k shareholders. They laughed as they pillaged retail and retirees. Little did they know we would fight back. They’ve made 850k enemies.”
The website for Redeem GBTC shows that the goal of the campaign is to reduce the trust’s 2% management fee. They seek to find a path of creating redemptions that “minimizes impact on the Bitcoin market”. Ultimately they want to oust Grayscale as the trust’s overseer.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bitcoin, ethereum and other major cryptocurrencies have suffered a brutal crash over the last few months—with investors told to brace themselves for an economic “hurricane.”
The bitcoin price has dropped to under $30,000 per bitcoin, down from almost $70,000 late last year. The ethereum price has seen even sharper falls while other top ten cryptocurrencies BNB, XRP, solana, cardano and dogecoin have cratered (despite Elon Musk revealing one reason he thinks “people love dogecoin”).
Now, billionaire bitcoin twins Cameron and Tyler Winklevoss have been forced to lay off 10% of the workforce at their Gemini crypto exchange—warning the market has entered a “contraction phase” known as “crypto winter.”
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The bitcoin price has lost more than 50% over the last six months, plunging major coins ethereum, … [+]
“The crypto revolution is well underway and its impact will continue to be profound,” the twins wrote in a memo to staff.
“But its trajectory has been anything but gradual or predictable. Its path can best be described as punctuated equilibrium—periods of equilibrium or stasis that are punctuated by dramatic moments of hypergrowth, followed by sharp contractions that settle down to a new equilibrium that is higher than the one before. This is where we are now, in the contraction phase that is settling into a period of stasis—what our industry refers to as ‘crypto winter.'”
The crypto price crash has wiped more than $1.5 trillion worth of value from the combined crypto market in recent months as price of bitcoin, ethereum and other cryptocurrencies plummet in the face of an increasingly hawkish Federal Reserve, the economic fallout from Russia’s war in Ukraine and continued supply chain issues in China.
The twins wrote the “turbulent market conditions that are likely to persist for some time.” Following bitcoin’s huge 2017 rally, the market went into a multi-year period of contraction, with the bitcoin price losing almost 90% of its value before beginning to rebound. Other smaller cryptocurrencies saw even sharper declines and many have never recovered.
The Winklevoss brothers, who are also known for their early involvement in the creation of Facebook, are thought to have lost around 40% of their fortunes this year, according to a report by Bloomberg last month. The twins are each worth $3.6 billion, according to Forbes‘ calculations.
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The bitcoin price has swung wildly over the last year, soaring to almost $70,000 per bitcoin before … [+]
Elsewhere, another major crypto exchange Coinbase has announced it’s extending its hiring freeze indefinitely and has had to rescind some already accepted job offers.
“We will extend our hiring pause for the foreseeable future,” Coinbase chief people officer LJ Brock wrote in a blog post, pointing to the crypto crash as weighing on its business. “We will also rescind a number of outstanding offers for people who have not started yet.”
Coinbase, which has seen its stock price plummet since it made its market debut just over a year ago, recently reported a 35% revenue slump to $1.17 billion for the three months ended March 31.
Yuki Cheung/EyeEm/Getty
- Gemini has added shiba inu to its platform following meme token’s stunning rally this year.
- The crypto exchange also announced the listing of audius, mask network, quant, radicle, and fetch, among others.
- Gemini joins the growing list of exchanges in listing the new coin amid a surge in demand from retail investors.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Crypto exchange Gemini has added shiba inu coin to its platform following meme token’s stunning rally this year.
Along with the dogecoin spinoff, the exchange also announced the listing of audius, mask network, quant, radicle, fetch, and wrapped centrifuge, among others.
Gemini, founded by Tyler and Cameron Winklevoss in 2014, currently offers the trading and custody for more than 60 tokens.
“Dear #SHIB army, Gemini has answered your call. To the moon!” Tyler Winklevoss tweeted on November 15.
Gemini joins the growing list of crypto exchanges in listing the new coin amid a surge in demand from retail investors.
Coinbase, the largest crypto exchange in the US listed shiba inu in September, and was followed by Public in November. Crypto.com listed shiba inu in May while eToro listed it in July.
The eye-popping rally of the dogecoin spinoff has propelled it to become the 11th largest cryptocurrency by market valuation, according to CoinMarketCap, after being created only in August 2020. It has gained almost 570% in a month, compared with a rise of 20% in bitcoin, the largest crypto by market value.
Shiba inu’s growth reinforces why some retail investors are directing their attention to newer and lesser-known coins, which have become popular for their hefty gains compared to other more established assets.
Still, some exchanges, like Robinhood, said they choose to take a more cautious approach and focus on investor protection before listing.
Shiba inu is an ethereum-based alternative to dogecoin. It was founded by someone going by the name Ryoshi, whose goal was to move away from “rigid social structures and traditional mindsets,” according to the coin’s 28-page white paper, dubbed a “woof paper.”
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