Gemini launches financial project for pro-crypto candidates

Cryptocurrency exchange Gemini has launched a groundbreaking campaign finance project to allow presidential candidates who support the cryptocurrency industry to contribute to election campaigns in the upcoming US presidential election, which will be held in November this year.

This action follows a generous donation of $2,000,000 won by Cameron and Tyler Winklevossthe co-founders of Gemini, at the re-election campaign of former President Donald Trump on June 20, 2024.

Just before the Gemini campaign donation initiative, Tyler Winklevoss expressed his opposition to Joe Biden and his administration because they were anti-crypto. In a recent scathing letter, Winklevoss pointed out that success in crypto is difficult and that entities in the industry are over-regulated and treated unfairly.

Tyler Winklevoss recently criticized the Biden administration for defining success outside of its influence and warned of possible economic consequences if such policies persist.

The events taking place in Gemini are part of a phenomenon called “Cryptopolitik” in 2024, in which the crypto industry is not passive and waiting for political actions to come to it, but is actively involved in politics.

In mid-June, Coinbase’s Stand with Crypto political action committee (PAC) marked a significant achievement in its campaign by collecting 1 million voter signatures in support of crypto.

Additionally, the CEOs of CleanSpark, Marathon Digital and Riot Platforms, after a meeting with ex-President Trump, presented the “Bitcoin Voter Project”. “This is an apolitical project aimed at raising awareness about Bitcoin among Americans without supporting any candidate.

Adding even more heat to the political environment, a crypto industry-backed super PAC called Fairshake revealed that it had raised $169 million in donations.

Unlike the Bitcoin Voter Project, Fairshake uses the funds for political advertisements against politicians and candidates opposed to cryptocurrencies.

Gemini’s activities with other companies in the cryptocurrency market demonstrate the growing role and participation of companies in the cryptocurrency sector in shaping political discourse and lobbying for policies beneficial to the sector.

Read also: Scammers target Trump 2024 campaign with crypto donation scams

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