As the United States gets ready for Election Day, Gemini Co-founder Cameron Winklevoss has spoken in support of former President Donald Trump, urging crypto enthusiasts to “choose wisely” if they want to safeguard the industry.
Winklevoss pointed out that the Harris-Biden administration has resulted in more than $500 million in legal costs for the crypto sector due to regulatory pressures. He believes that a win for Trump would ease these financial strains while a victory for Kamala Harris might lead to even greater losses potentially in billions.
The Harris-Biden Administration has cost the crypto industry $500 million in legal fees. Vote Trump and this goes to $0. Vote Harris and this will balloon to $ billions. Choose wisely.
— Cameron Winklevoss (@cameron) November 5, 2024
In response to Winklevoss’s tweets, many notable figures and legal experts joined the discussion, some sharing the same concerns and worries as Winklevoss. MetaLawnMan of Vanderbilt Law mentioned that the $500 million figure does not include the settlement money he quotes as ‘extortion payments’ made by crypto projects that can’t handle lengthy legal disputes with the U.S. Securities and Exchange Commission (SEC).
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However, not everyone saw eye to eye with Winklevoss. For instance, Matt Hamilton pointed out that the Ripple lawsuit, one of the most significant sec cases in the crypto community, was started during the Trump administration. Others noted that regulatory issues are not limited to any particular administration, with Ripples’ case against the SEC which highlights the ongoing regulatory oversight that crosses political boundaries.
Another X member, Wayne Vaughan, pointed out that the effects of regulatory pressure extend beyond just legal costs and have pushed some crypto firms to exit the US completely, creating a climate of fear that stifles innovation due to worries about potential future consequences. Founder of Venice.ai, Erik Voorhees, too, shared this thoughts on Trump administrations penalizing crypto industry:
We paid millions during Trump admin
— Erik Voorhees (@ErikVoorhees) November 5, 2024
Winklevoss’s comments reflect a rising frustration within the crypto sector with US regulatory measures and a longing for a much-desired political change that could improve conditions for the entire industry.
Not The First Time
This is not the first time that Cameron Winklevoss spoke in support of Trump. In June, Cameron Winklevoss and his twin brother, Tyler Winklevoss, expressed similar thoughts while criticizing President Biden’s policies and regulatory stance. Tyler Winklevoss also made strong remarks about the Biden administration’s management of the crypto industry, urging what he called the “Crypto Army” to speak up, in Washington. Tyler alleged that the administration is using regulatory bodies as tools to suppress the crypto sector. In July, the twins also asked Kamala to retire Gary Gensler before November.
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Also Read: Gemini’s New Ad Campaign Ties Crypto to US Election, What’s the Tea?
