Gemini Launches Campaign Push for Pro-Blockchain Candidates
The cryptocurrency industry is flexing its political muscle ahead of the 2024 US presidential election. Gemini, a leading cryptocurrency exchange, recently announced a campaign finance initiative to support pro-crypto candidates. This move follows a $2 million campaign contribution from Gemini founders Cameron and Tyler Winklevoss to former President Trump’s re-election bid on June 20th, 2024.
Winklevoss Blasts Biden Administration
Just before Gemini’s announcement, Tyler Winklevoss launched a scathing attack on President Biden and his administration’s stance on cryptocurrency. In a lengthy statement, Winklevoss accused the administration of hostility towards the crypto industry, claiming success in the sector is met with “ridicule, fines, and even more red tape.”
Winklevoss further criticized the administration’s approach to economic success, suggesting it only favors success that can be controlled. He believes the Biden administration ultimately seeks to “confiscate or coerce” successful ventures outside its control, manipulating them for political gain.
“Over a long enough time scale,” Winklevoss concluded, “it’s easy to see how these policies will lead to the destruction of our economy and our country.”
Crypto Industry Mobilizes Politically
The actions of the Winklevoss twins and Gemini reflect a broader trend of political mobilization within the cryptocurrency industry. Earlier in June, Coinbase’s pro-crypto PAC (political action committee) “Stand with Crypto” announced it had reached a milestone of 1 million advocate signatures.
Industry leaders from companies like CleanSpark, Marathon Digital, and Riot Platforms also joined forces. Following a meeting with former President Trump, they established “The Bitcoin Voter Project,” a non-profit organization dedicated to voter education on Bitcoin. While not endorsing candidates yet, the project aims to raise public awareness about Bitcoin’s significance.
More recently, Fairshake, a crypto super PAC, made headlines after accumulating a staggering $169 million in donations. Unlike The Bitcoin Voter Project, Fairshake takes a more aggressive approach, launching political advertisements against candidates with anti-crypto stances.
The Rise of Cryptopolitik
These developments mark the rise of “Cryptopolitik” – the growing political influence of the cryptocurrency industry. With significant financial resources and a passionate voter base, crypto advocates are seeking to shape policies that favor the growth and innovation of the blockchain space. The 2024 US election promises to be a battleground where the future of cryptocurrency regulations could be decided.
