On June 20, 2024, Tyler Winklevoss, Co-Founder and CEO of cryptocurrency exchange Gemini, published a lengthy post on X detailing why he plans to vote for Donald Trump in the November 2024 U.S. presidential election. Winklevoss’s statement focuses heavily on what he perceives as the Biden Administration’s hostile stance towards the cryptocurrency industry.
Winklevoss begins by asserting that the Biden Administration has “openly declared war against crypto” over the past few years. He accuses the administration of weaponizing multiple government agencies to “bully, harass, and sue the good actors in our industry in an effort to destroy it.” He characterizes these actions as an “unprecedented abuse of power” motivated by political gain at the expense of innovation, American taxpayers, and the economy.
The Gemini CEO outlines several specific grievances:
- “Operation Choke Point 2.0”: Winklevoss claims that federal banking regulators, including the OCC and FDIC, are pressuring banks behind closed doors not to serve crypto companies. He alleges that banks face threats of intense scrutiny or fines if they don’t comply, effectively forcing them to drop crypto clients. Winklevoss states that this tactic has affected him personally, causing him and his investment firm to lose multiple bank accounts.
- U.S. SEC’s Approach to Crypto Regulation: Winklevoss criticizes the Securities and Exchange Commission for not writing new rules for the crypto industry. He argues that the SEC is inappropriately applying existing rules based on a 1946 Supreme Court decision about citrus groves to the crypto sector. Winklevoss contends that this approach makes compliance nearly impossible and gives the SEC broad power to litigate against crypto projects and companies.
- Broader Anti-Business Stance: Winklevoss extends his critique beyond crypto, accusing the Biden Administration of consistently attacking American businesses across various sectors and “villainizing its greatest heroes.” He argues that this approach will lead to the “destruction of our economy and our country” over time.
Winklevoss contrasts this perceived hostility with his view of capitalism as “the greatest generator of wealth and prosperity the world has ever known.” He shares personal anecdotes about Gemini’s positive impact on employees and customers, stating that the Biden Administration has “tried to tear all of this down.”
In conclusion, Winklevoss declares, “President Donald J. Trump is the pro-Bitcoin, pro-crypto, and pro-business choice.” He dismisses any contrary views as misinformed or dishonest. Winklevoss calls on the “crypto army” to send a message to Washington that “attacking us is political suicide” and reiterates his intention to vote for Trump in November.
Featured Image via Pixabay
