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Cameron and Tyler Winklevoss and their crypto exchange Gemini donated $20 million in Bitcoin to MAGA Inc, the leading pro-Trump super PAC, according to Federal Election Commission filings reviewed by The Lever, arriving less than a month after the Trump administration moved to vacate a $5 million CFTC penalty against Gemini stemming from a Biden-era enforcement order.
The Winklevoss Trump donation was disclosed through Federal Election Commission filings reviewed by The Lever, which reported that Cameron Winklevoss, Tyler Winklevoss and Gemini collectively contributed more than $20 million in Bitcoin to a leading pro-Trump super PAC last month.
According to the report, the donations followed a significant regulatory development in which the U.S. Securities and Exchange Commission stepped back from an enforcement action against the cryptocurrency exchange.
The SEC’s decision marked a notable reversal from previous years, when Gemini had faced multiple regulatory investigations tied to its crypto lending business and broader compliance issues. The Trump administration has generally adopted a more crypto-friendly regulatory posture, with several enforcement actions against digital asset firms being paused, settled or withdrawn.
The timing of the Winklevoss Trump donation has become a focal point for ethics watchdogs and political observers, although no evidence has emerged indicating that the regulatory decision and the political contributions were directly linked.
The Winklevoss Trump donation reflects the cryptocurrency industry’s growing political engagement as federal policy toward digital assets continues to evolve.
The Gemini founders have been vocal supporters of Trump’s approach to cryptocurrency regulation. During the 2024 presidential campaign, they publicly backed Trump, arguing that his administration would provide clearer rules for the digital asset sector than previous regulators. They had previously donated Bitcoin directly to Trump’s campaign before a portion of those contributions was refunded because they exceeded federal campaign finance limits.
In announcing their earlier support, Tyler Winklevoss criticized the previous administration’s regulatory approach.
“The Biden Administration has openly declared war against crypto.” — Tyler Winklevoss, Co-founder, Gemini.
Following the latest disclosure, the donations further underscore how major cryptocurrency executives are increasingly channeling financial support toward candidates viewed as favorable to the industry’s regulatory priorities.
The scale and timing of the Winklevoss Trump donation have prompted renewed concerns among government ethics experts about potential conflicts between political fundraising and regulatory decision-making.
While there is no public evidence of an explicit quid pro quo, watchdog organizations argue that major donations made shortly after favorable government actions inevitably raise questions about public confidence in regulatory independence.
According to The Lever, the donations followed the administration’s move to end a key SEC enforcement action involving Gemini, making the sequence of events especially significant in the ongoing debate over political influence in Washington.
The broader issue extends beyond Gemini. A recent investigation by the Financial Times found that numerous major donors to Trump’s political organizations have benefited from regulatory rollbacks, pardons or policy changes during his second term, although the White House has denied that donations influence official decisions.
The Winklevoss Trump donation arrives as cryptocurrency regulation remains one of the defining policy debates in Washington.
Supporters argue that the Trump administration’s lighter-touch regulatory approach encourages innovation and keeps blockchain companies operating within the United States. Critics counter that reducing enforcement while simultaneously receiving substantial political contributions from industry executives risks undermining confidence in federal oversight.
Earlier, Tyler Winklevoss framed his political support as a response to regulatory policy rather than partisan politics.
“I just donated $1 million in bitcoin to Donald Trump.” — Tyler Winklevoss, Co-founder, Gemini.
His brother Cameron Winklevoss made a similar announcement during the 2024 campaign.
“I also donated $1 million in bitcoin to Donald Trump.” — Cameron Winklevoss, Co-founder, Gemini.
As policymakers continue debating digital asset legislation, the Winklevoss Trump donation is likely to remain part of the broader conversation about campaign finance, regulatory independence and the growing political influence of the cryptocurrency industry.
Whether the contributions become a lasting political controversy may ultimately depend on future regulatory decisions affecting Gemini and other major crypto firms.
Source; The Lever Investigation
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