Cameron and Tyler Winklevoss collectively received approximately $310,800 in refunds from the Trump 47 Committee, according to a campaign official speaking to Bloomberg. This refund was necessary because their donations of $1 million each in Bitcoin to former President Donald Trump exceeded the federal limit of $844,600 per individual donor.

The Bloomberg report did not specify whether the refund was processed in Bitcoin or its equivalent in cash. The donated funds were allocated among Trump’s presidential campaign, his legal expenses leadership PAC, the Republican National Committee, and 42 state party committees.

The news of the Winklevoss twins' refund followed their criticism of President Joe Biden's policies on crypto, while endorsing Trump as the "pro-crypto" option. Tyler Winklevoss stated this in a post on X on June 20. Trump has expressed intentions to ease regulations on cryptocurrencies if re-elected, emphasizing his support for the industry and proposing initiatives like making the U.S. a leader in Bitcoin mining.

Trump's campaign has also reportedly engaged with figures like Elon Musk on crypto policy. The Winklevoss twins are not alone in the crypto industry in supporting Trump's re-election; Brian Morgenstern from Bitcoin miner Riot Platforms has also expressed similar sentiments.

Moreover, Trump has promised actions such as commuting Ross Ulbricht's sentence on his first day back in office, a move significant to the crypto community due to Ulbricht's involvement with the Silk Road darknet marketplace.

Regarding legal matters, Gemini, the exchange operated by the twins, previously collaborated on the Gemini Earn program with Genesis, which filed for bankruptcy in January 2023. This led to a process where users faced challenges in recovering their assets, eventually resulting in Gemini committing to return all user assets as part of a settlement with the New York Department of Financial Services (NYDFS).

In May, Gemini announced that Earn users had received over $2.18 billion of their assets, representing 97% of what was owed. The New York Attorney General's office completed its settlement with Gemini in June, recovering $50 million in assets while citing allegations that Gemini had misled investors about the risks associated with the Earn program.