Cameron Winklevoss of Gemini has endorsed Donald Trump and encouraged crypto community members to make a decision that will protect the industry. In a series of tweets, Winklevoss recently highlighted increasing legal expenses in the industry under the Harris-Biden government and recommended that Trump's win in the election would be conducive to the regulatory and financial environment of the cryptocurrency industry.
According to Winklevoss, the Biden administration's regulatory oversight has already cost the cryptocurrency industry more than $500 million in legal bills. He thinks a continued Democratic administration headed by Kamala Harris can significantly increase these costs to billions. His public declaration 'Vote Trump and this goes to $0, Vote Harris and this will balloon to $ billions," shows increasing discontent in the public regarding crypto regulation and the costs regulation brings in the space.
Notably, Winklevoss's comments received support from some crypto advocates. MetaLawMan, a legal expert active in the crypto space, responded to Winklevoss's post, noting that the $500 million figure does not account for settlement payments made by projects unable to sustain lengthy legal battles with the U.S. Securities and Exchange Commission (SEC). These settlements, which he referred to as "extortion payments," add another layer to the financial strain on crypto companies operating in the United States.
Not all industry figures agree with Winklevoss's stance. Some pointed out that regulatory issues are not specific to one administration. Matt Hamilton, one of the influential personas in the crypto space, highlighted that the high-profile SEC lawsuit against Ripple, seen as a significant case for the industry, began during Trump's administration. He pointed out that regulatory concerns have not ceased to follow political divides, as it can be inferred that crypto compliance issues do not solely rest with one administration.
A similar opinion echoed that regulatory costs include lawyer fees and other expenses. Wayne Vaughan, a crypto entrepreneur, stated that due to such complications, organizations are relocating their business outside the United States, slowing the sector's advancement and economic development. Vaughan further pointed out that such an environment slows the creation of new crypto offerings to protect against regulatory actions.
Winklevoss's support for Trump is not new. In June, he and his twin brother Tyler Winklevoss openly criticized President Biden's policies, alleging that the administration uses regulatory bodies to target the crypto industry. They called upon the "Crypto Army" to rally against what they view as oppressive regulations, warning that prolonged regulatory pressures could further hinder the sector's growth.
Winklevoss's support for Trump and the recent push for political change has sparked discussions within the crypto community again. Some hold similar worries and support management changes that might lead to easing controls on digital assets. Others still have doubts, citing the current problems in the industry and the general business climate that covers all administrations.