Cameron Winklevoss, co-founder of Gemini, has rallied support for US presidential candidate Donald Trump, urging the crypto community to “choose wisely” in order to protect the future of digital assets. Winklevoss’s statements, shared on X, emphasize the regulatory challenges the crypto industry has faced under the current administration, which he claims have cost the industry over $500 million in legal fees.
Alongside his twin brother Tyler, Winklevoss donated $1 million in Bitcoin to Trump’s campaign in June, citing Trump’s pro-crypto, pro-Bitcoin, and pro-business stance as a beacon of hope for the industry.
“Vote Trump and this goes to $0. Vote Harris, and this will balloon to billions,” he wrote, warning of escalating legal costs under current policies. Winklevoss added that the Biden administration has “ignored, laughed, and fought” with the crypto industry, calling on the community to vote to create positive change.
Crypto Community Divided Over Winklevoss’s Appeal
The response to Winklevoss’s post has been mixed. While several prominent crypto figures echoed his sentiment, others reflected on past administrations’ regulatory approaches. Legal expert MetaLawMan noted that the $500 million in legal fees fails to account for settlements crypto projects have paid to the SEC due to regulatory challenges.
Meanwhile, crypto entrepreneur Wayne Vaughan pointed out that the legal fees are only one aspect of the damage, adding that many companies left the U.S., and several products and services were never developed due to regulatory fears.
However, some crypto advocates argue that Trump’s previous administration also imposed significant charges on the industry. Shapeshift founder Erik Voorhees remarked that his company paid substantial fees during Trump’s tenure, highlighting the nuanced landscape of crypto regulation.
The Winklevoss twins, who have previously criticized President Biden’s regulatory stance, continue to advocate for a less restrictive environment to fuel innovation and investment in the crypto industry.
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