Former President Donald Trump received a major boost to his campaign when billionaire twins Tyler and Cameron Winklevoss made a substantial donation on Thursday. The twins, well-known for their ventures in cryptocurrency, contributed a combined $2 million in Bitcoin to support Trump’s presidential bid. They were largely motivated by their dissatisfaction with the Biden Administration’s approach to the crypto industry.

Tyler Winklevoss posted on X to announce his donation, emphasizing the negative effects of current administration policies on the cryptocurrency sector. “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,” Tyler noted, going on to criticize the current administration for using government agencies to “bully, harass, and sue the good actors” in the crypto industry, calling it an “unprecedented abuse of power” that harms innovation and the economy.

Cameron Winklevoss echoed his brother’s sentiments in his own tweet on Thursday, writing, “I also just donated $1 million in bitcoin (15.47 BTC) to @realDonaldTrump and will be voting for him in November. Here’s the TL;DR — President Trump is: Pro-Bitcoin, Pro-Crypto, Pro-Business.”

Tyler outlined a number of issues, including what he described as the “weaponization of the banking system against crypto companies and their principals,” a reference to Operation Choke Point 2.0. Federal agencies, including the OCC and FDIC, have explicitly instructed banks to cease all transactions with crypto companies and have warned of repercussions for non-compliance. “The Biden Administration has dusted off the playbook and has been running it at full speed against the crypto industry,” he said, drawing attention to similar actions that took place during the Obama Administration.

He also criticized the Securities and Exchange Commission (SEC) under Biden for failing to establish clear regulations for the cryptocurrency industry. “By not writing any new rules for crypto, the SEC can disingenuously say that the existing rules are fit for purpose. They are not,” Tyler argued. He went on to point out that outdated regulations from 1946 are not at all suited for modern digital assets. He claimed the ambiguity now allows the SEC to go after and litigate targeted crypto projections, which destroys innovation and hampers economic growth.

The Winklevoss twins are renowned entrepreneurs and investors, best known for their role in the early development of Facebook. While attending Harvard University, they were classmates with Mark Zuckerberg. The twins alleged that Zuckerberg stole their concept for a social networking site, initially known as ConnectU, leading to a high-profile legal battle. Beyond their Facebook saga, the Winklevoss twins have become prominent figures in the cryptocurrency industry.

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Disclaimer: This article may contain commentary which reflects the author’s opinion.