The billionaire Winklevoss twins, founders of the crypto firm Gemini, announced on Thursday that they had each contributed $1m in Bitcoin to support presidential candidate Donald Trump.

Tyler and Cameron Winklevoss revealed their contributions on social media platform X. They did not specify what address they sent the Bitcoin to.

Tyler Winklevoss cited the Biden Administration’s aggressive “war against crypto” as his reason to support Trump. “It has weaponized multiple government agencies to bully, harass, and sue the good actors in our industry in an effort to destroy it,” he said.

He further mentioned that under Biden, the SEC has failed to establish any new regulations for the cryptocurrency industry. This has left participants without clear guidance on navigating regulatory challenges. Additionally, he criticized the SEC for relying on outdated rules that were formulated decades ago, long before widespread telephone use and over half a century before the advent of the internet.

I just donated $1 million in bitcoin (15.47 BTC) to @realDonaldTrump and will be voting for him in November. Here’s why:

Over the past few years, the Biden Administration has openly declared war against crypto. It has weaponized multiple government agencies to bully, harass, and SEC Actions Spark Crypto Industry Criticism as Trump Signals Pro-Crypto Stance

Aside from the Winklevoss twins, the crypto industry has voiced widespread criticism against SEC Chair Gensler and the Biden administration for their strict regulatory stance on digital assets. The SEC has initiated legal actions against numerous prominent crypto entities in recent years.

Meanwhile, Republican presidential nominee Trump has shown support for the industry by starting to accept crypto donations for his campaign since last month. Trump has suggested that he would cease hostility toward crypto in the US if re-elected.

Trump Woos Crypto Miners, Slams Biden

During a recent meeting with crypto miners, he said he “loves” and understands cryptocurrency, highlighting how miners help stabilize the energy grid. He promised to back miners if he wins the White House.

Trump has also criticized Biden, suggesting he has no understanding of cryptocurrency. He has also condemned Democrats, alleging they are vehemently against crypto.

Last month, Bloomberg reported that Trump had been in discussions about cryptocurrency policy with billionaire Elon Musk. However, Musk denied this, stating he was “pretty sure” he had never talked about crypto with Trump.