Winklevoss Twins Refund Bitcoin Payment to Trump Campaign After It Exceeded Contribution Limits

The Winklevoss twins received a refund from former President Donald Trump when it was discovered that their recent Bitcoin payment to his campaign exceeded federal contribution limitations.

The Winklevoss twins, known for their cryptocurrency involvement, made headlines recently when their $2 million Bitcoin (BTC) donation to former President Donald Trump's campaign exceeded federal contribution limits, prompting a refund.

The twins, who founded the cryptocurrency exchange Gemini, have been vocal supporters of Trump. In a joint statement, Tyler and Cameron Winklevoss expressed their continued belief in Trump's campaign but emphasized the need to adhere to the law.

"We strongly believe that Bitcoin can completely transform the financial industry, and we support President Trump's vision for the United States," they said.

The incident has reignited discussions about the use of cryptocurrencies in political fundraising. Some argue that existing laws need to be updated to accommodate the nuances of digital currency donations.

"This incident highlights the need for a modern approach to campaign finance regulations," said Sarah Mitchell, a campaign finance specialist, in an email to CoinDesk.

"The law should be clear and concise on the types of contributions that are permitted and the limits that apply to them," she added.

Opponents, however, maintain that the rules should be clear and that campaigns should be held accountable for any errors in accepting contributions.

"Campaigns have a legal obligation to ensure that the contributions they accept comply with the law. If a campaign accepts a contribution that exceeds the legal limit, the campaign must refund the excess portion," said Jessica Levinson, a campaign finance expert at Loyola Law School, in an email to CoinDesk.

"Ignorance of the law is not an excuse for violating the law," she added.

Despite the setback, the twins' support for Trump remained evident in their statements. One of the twins, Tyler Winklevoss, recently took to his X handle to express his view that Trump is pro-Bitcoin and pro-business.

"Trump: Pro-Bitcoin, pro-business. Biden: Anti-Bitcoin, anti-business. It's really that simple," wrote Winklevoss on June 20.

Earlier in June, Trump pledged to ease the recent troubles faced by the cryptocurrency industry, promising to scrap all of Biden's anti-cryptocurrency policies on his first day in office.

"They're putting out a lot of regulations that I think are totally unnecessary. I will be reviewing them and, if elected, will be quickly eliminating those that are bad for crypto," said Trump during an interview with Fox Business.

According to Bloomberg, Trump also promised to make the United States the global Bitcoin mining hub.

"I will be making the U.S. the world's Bitcoin mining capital, and unleashing American innovation in the crypto sphere," he reportedly said at a rally in Casper, Wyoming.

In his X post, Brian Morgenstein, head of Policy at Bitcoin miner Riot Platforms, highlighted Trump's statement about protecting the rights of miners and traders.

"Trump: 'I will protect the rights of every Bitcoin miner and trader in the U.S., and we will be creating a level playing field for crypto innovation.' Now, that's what I call a pro-cryptocurrency statement," wrote Morgenstein.

Towards the end of May, Trump had promised to review the judgment that sentenced Ross Ulbricht to life in imprisonment if re-elected.

"I will be reviewing the Silk Road founder, Ross Ulbricht, who was sentenced to life in prison for a non-violent crime," said Trump during an interview with Blockworks.

"I think it's very unfair. I will be looking at it very strongly. I will be talking to a lot of people about it, and I think you'll be very happy with the decision that I make," he added.

Ulbricht, the creator of the now-defunct darknet marketplace Silk Road, was found guilty by a federal jury of narcotics trafficking, conspiracy, and five other charges.

According to Senior Adviser to the Trump Campaign Brian Hughes, while speaking to CoinDesk at Decrypt, cryptocurrency innovators are under attack under this administration, especially by the Democrats.

"Trump's second coming will encourage Americans to compete in the emerging technological innovations. We need to keep up with the world," said Hughes.

"If you want to be a Web3 innovator, you can't do it under the Biden administration. They're putting a lot of pressure on crypto founders, and they're making it difficult for them to operate," he added.

"Trump will be the cryptocurrency president. He will be putting crypto first, and he will be making sure that the U.S. is the leader in this new technology," Hughes concluded.

If you're interested in cryptocurrencies and want to learn more about how they work, check out our beginner's guide to cryptocurrency.

News source：https://www.kdj.com/cryptocurrencies-news/articles/winklevoss-twins-refund-bitcoin-payment-trump-campaign-exceeded-contribution-limits.html

The above is the detailed content of Winklevoss Twins Refund Bitcoin Payment to Trump Campaign After It Exceeded Contribution Limits. For more information, please follow other related articles on the PHP Chinese website!