Gemini's Winkelvoss Twins Send New York Governor Thousands In Donations

The Winklevoss Twins (billionaire cryptocurrency exchange Gemini owners), have donated six figures to the governor of New York just prior to the approval of the cryptocurrency ZCash to be used in New York.

The point of this article – to clarify that the donation to the governor had a great influence on the decision of the regulator.

The Background

New York’s Andrew Cuomo of the Democratic Party has been the state’s governor since 2011. The twins donated over $100k to the governor just before ZCash was declared legal in the state. The twins currently have a daily trading volume of around $70.8 million.

Claims Made

The twins are said to each have sent $50K to the governor on April 24th, prior to the regulators confirming the Gemini Trust Company was allowed to trade bitcoin and other altcoins.

The strange thing is documents clearly state that the company received their license on May 5th of 2015 for Bitcoin and 2016 for Ethereum. The real clarity is that Gemini is the first qualified custodian and exchange in New York to trade ZCash. That is the real approval that was given on May 4th, 218 allegedly.

The reality is the exchange is the first in the world to list ZCash as a tradeable token, which has a total capitalization of $945.3 million, according to coinmarketcap.com.

The relevant license is called BitLicense, created by NYDFS in July of 2014. The license actually caused a lot of exchanges to leave New York because of the tens of thousands of dollars it cost to apply for one.

Comments Made

According to the spokesperson of the governor, there is no contribution of any size that will influence government decisions.  The department also is said to review each application without any knowledge of contributions made to any politicians in the state, basically saying they make independent decisions.

Apparently, the twins have supported the governor for quite some time, and the contribution had nothing to do with Gemini. Of course, this is according to the spokesperson for the Winklevoss Twins.

Regulating Gemini

Unfortunately, Gemini was rejected in 2017 by the Securities and Exchange Commission. After bitcoin was approved however, the twins made a second attempt to get it approved, this time with success.

They also have acquired a patent for the world’s first Bitcoin exchange-traded products, – a type of ETF derivative.

Bloomberg made note that Ripple offered Gemini $1 million cash to get listed on their exchange, with a decline for the offer. Ripple’s spokesperson said this was inaccurate, but left it at that.

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