Things have never been better for the U.S. crypto industry, and the Winklevoss twins, Tyler and Cameron, have a roadmap to keep it that way after donating $21 million in bitcoin to the Digital Freedom Fund PAC, which supports pro-crypto candidates.
“The midterms are critical to keeping the American Golden Age going. What we know from history is that the Democrats will resort to bad faith tactics and lawfare if they win back control of the House and the Senate,” Tyler told FOX Business Digital.
WINKLEVOSS TWINS DROP MILLIONS INTO PRO-CRYPTO PAC
That’s just the beginning of a thoughtful plan to advance actions by President Trump’s crypto-friendly administration which has snuffed out the naysayers most prevalent throughout Biden’s term, including former Securities and Exchange Commission Chairman Gary Gensler.
“The Trump Administration has been incredible for our industry. It ended the war on crypto and Gary Gensler’s attacks and lawfare against us. It has also repealed a lot of guidance, rulemaking, and bulletins that made it impossible for many market participants to do business in crypto” he explained.
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Last month, Trump signed a “historic piece of legislation that will pave the way for the United States to lead the global digital currency revolution” coined the GENIUS ACT, outlined by the White House. The brothers, on hand for the signing, earned a shoutout from the President.
Current Securities and Exchange Commissioner Paul Atkins and White House A.I. and crypto czar David Sacks are also getting high marks from the brothers for steering the industry, but more organized and strategic work is necessary to keep the U.S. competitive, he added.
“The President’s Working Group Report and Project Crypto show us what’s already possible. By leaning into existing exemptive authority and taking a technology neutral approach to crypto, the SEC and CFTC are already opening their doors to crypto today. Crypto should not be, and does not need to be, held to a double standard” Tyler explained.
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Industry participants also need to get the industry’s framework right.
“We believe that the right market structure bill is a skinny market structure bill not a fat one like Dodd-Frank for crypto which would be a disaster” he warned.
Dodd-Frank, born after the 2008 financial crisis, was over 2,000 pages with critics calling the bill complex, over-reaching and costly for financial institutions.
In addition to helping shape the future of the crypto policy, the duo are also taking Gemini, which allows customers to buy, sell and store crypto, public.
Shares are expected to price between $17-$19 apiece, valuing the company around $316 million, outlined in its SEC filing. The siblings, who founded the exchange, will maintain 94.7% of the voting power of common stock post the IPO.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BLSH | BULLISH | 52.35 | +3.34 | +6.81% |
| COIN | COINBASE GLOBAL INC. | 299.07 | -7.73 | -2.52% |
The company will trade under the symbol GEMI and will join similar public exchanges including Bullish and Coinbase.
LIVE CRYPTO PRICES: HERE
“It’s pretty easy to see how the future of money and finance is crypto, just like the future of commerce used to be called e-commerce and then it just became commerce,” he said.
Bitcoin is hovering around the $111,000 level through Friday and has gained 19.5% for the year, beating the S&P 500’s 10.4% rise. Still, it’s below the all-time high of $124,495.51 reached in mid-August, as tracked by CoinDesk.
