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Gemini founders Tyler Winklevoss And Cameron Winklevoss Supported by the former US President Donald Trump They said they plan to vote for it in November because it is the “pro-bitcoin, pro-crypto, pro-business choice.”
The Winklevoss twins also announced that they each donated $1 million Bitcoin For Trump’s presidential campaign. The former president recently pledged to “Ending Biden’s war on cryptocurrencies“During political rallies he said No intention To prevent people from using Bitcoin and other digital assets.
The prominent entrepreneurs, known for their early investments in Bitcoin and subsequent rise as influential figures in the cryptocurrency industry, expressed their support for Trump via Social media on June 20, highlighting their dissatisfaction with the president Joe Biden And its management Hostile policies Towards the crypto industry.
The public endorsement and significant financial contribution to the Trump campaign marks an important moment in the debate over cryptocurrency regulation in the United States. Their support is highlighted Deep divisions Inside the US political landscape regarding the best path forward for digital assets and regulatory oversight.
Others in the industry, including Coinbase CEO Brian Armstrong, have expressed similar sentiments and called on the cryptocurrency community to vote out politicians who support anti-crypto policies.
Allegations of government overreach
In a series of tweets, Tyler Winklevoss criticized the Biden administration for what he described as a deliberate campaign against the cryptocurrency industry. He accused the administration of using federal agencies to stifle innovation and harass cryptocurrency companies.
According to Winklevoss:
“The Biden administration has openly declared war on cryptocurrencies. This administration’s actions have been nothing less than an unprecedented abuse of power used entirely for twisted political gain.
Tyler pointed to actions taken by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), accusing them of pressuring banks to avoid doing business with cryptocurrency companies.
He described the effort as a continuation of “Operation Choke Point,” a controversial initiative that began during the Obama administration, and which he claims has been revived and intensified under Biden.
The role of the Securities and Exchange Commission in regulation
Winklevoss also criticized the SEC and its regulation of its enforcement approach against the industry. He said the primary role of the regulatory body should be to set new rules for the industry. He said:
“The SEC has not written a single rule for the cryptocurrency industry to help any of its participants understand how to navigate the regulatory landscape.”
He also argued that the lack of clear guidelines allowed the SEC to arbitrarily prosecute cryptocurrency projects and companies. He described this as a tactic “to make compliance impossible, and then prosecute everyone for non-compliance.”
Winklevoss also criticized the application of the Howey test, which determines whether a transaction qualifies as an investment contract. The SEC has often cited this test in its arguments and used it to defend its position that most cryptocurrency tokens are securities.
Winklevoss wrote:
“By not writing any new rules for cryptocurrencies, the SEC could disingenuously say that the existing rules — based on a 1946 Supreme Court decision regarding a Florida citrus grove, which were issued before most homes had a telephone and 50 years before… The advent of commercial commerce’ the Internet – fit for purpose. They are not.
He demonstrated the futility of the Howey test in the context of modern digital assets by explaining that the classification of cryptoassets e.g Ethereum As a security that would severely limit its usefulness.
According to Winklevoss:
“If ether is a security, which is an open question even 48 hours ago, you would be violating securities laws if you sent ether to a friend from your smartphone to their smartphone. Why? Because only the broker and dealer are allowed to transfer securities.”
Such a classification would “destroy its usefulness” and severely hamper its ability to innovate financial systems, he added.
