July 15, 2024

Gemini Exchange Launches Campaign Finance Project to Support Pro-Crypto Candidates Ahead of Presidential Election

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The Gemini Exchange has announced a new campaign finance initiative aimed at bolstering support for pro-crypto candidates in the United States, just months before the upcoming Presidential election in November. This initiative marks a significant move in the growing political influence of the cryptocurrency industry.

The announcement follows a substantial donation of $2 million from Gemini founders Cameron and Tyler Winklevoss to former President Donald Trump’s re-election campaign. This contribution underscores the brothers’ commitment to advancing crypto-friendly policies.

Minutes before Gemini’s announcement, Tyler Winklevoss issued a strongly worded critique of President Joe Biden’s administration, accusing it of being hostile toward the cryptocurrency sector. In a public statement, Winklevoss wrote, “The crime is always success and the reward is always ridicule, fines, and even more red tape.” He further elaborated, “To be clear, the Biden Administration doesn’t hate success outright. Only the kind that lives outside of its control. Once it figures out how to confiscate or coerce it, the Biden Administration becomes quite enthusiastic about success, gleefully manipulating it or redistributing it in a transparent attempt to buy votes.”

Winklevoss concluded his remarks with a stark warning, “Over a long enough time scale, it’s easy to see how these policies will lead to the destruction of our economy and our country.”

The campaign finance project by Gemini is not an isolated effort within the crypto industry. Earlier this month, Coinbase’s “Stand with Crypto” political action committee (PAC) announced it had secured 1 million signatures from pro-crypto voters, reflecting significant grassroots support.

Additionally, industry executives from CleanSpark, Marathon Digital, and Riot Platforms recently met with former President Trump to establish “The Bitcoin Voter Project.” This non-profit organization aims to educate the American public about Bitcoin, emphasizing voter awareness without endorsing specific candidates at this time.

On another front, the crypto super PAC Fairshake has accumulated $169 million in donations. Unlike The Bitcoin Voter Project, Fairshake actively launches political advertisements targeting anti-crypto politicians and candidates, demonstrating a more aggressive approach to influencing the political landscape.

As the Presidential election approaches, the cryptocurrency sector is becoming increasingly politically active, advocating for policies that support innovation and reduce regulatory barriers. With significant financial contributions and educational initiatives, the industry is positioning itself as a formidable force in shaping the future of American financial and technological policy.

Digital Assets Desk

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