The Winklevoss twins, billionaires and founders of the cryptocurrency company Gemini, received refunds after their Bitcoin donations to Donald Trump’s presidential campaign exceeded federal legal limits.
Bloomberg reported that the excess contributions were returned to the donors. A campaign official, speaking anonymously, provided this information.
The twins each announced $2 million in Bitcoin donations on the social media site X, supporting the presumptive Republican nominee.
However, this amount surpasses the $844,600 legal limit per person that the Trump committee can accept.
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It remains unclear if the Trump 47 Committee, which accepted the Bitcoin donations and typically focuses on larger contributors, returned the excess amount in Bitcoin or its equivalent value in cash.
The report indicates that the donated funds are divided among Trump’s campaign, a leadership political action committee covering his legal bills, the Republican National Committee, and 42 GOP state party committees.
Trump’s acceptance of Bitcoin donations highlights his campaign’s growing relationship with the crypto industry, a significant player in the 2024 election.
Investors and supporters are rallying behind candidates advocating for lighter regulations.
The Winklevoss twins attended a June fundraiser for Trump, costing up to $300,000 per person.
They have also contributed approximately $5 million to the Fairshake political action committee and its affiliates, which are involved in attack ads against lawmakers and supporting certain Democratic and Republican candidates.
Users of Gemini, the twins’ crypto exchange, spent months attempting to recover funds invested in Gemini Earn, a program offering yields on crypto assets in partnership with the now-bankrupt Genesis. Recently, users can now retrieve their Earn assets in kind.
Last week, New York Attorney General Letitia James announced the recovery of about $50 million from Gemini for users who “were defrauded.”
In February, Gemini agreed to return at least $1.1 billion to customers through the Genesis bankruptcy as part of a settlement with the New York Department of Financial Services.
The Securities and Exchange Commission sued Gemini and Genesis over Gemini Earn early last year, with Genesis settling the charges.
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