Winklevoss Twins Boost MAGA Sway as Crypto Platform Losses Swell

From all appearances, this should be a crowning moment for Cameron and Tyler Winklevoss.

Last year, the telegenic billionaires and their crypto company, Gemini, were on the political outs, facing government probes for a lending product that collapsed. In a remarkable turnaround, the twins have become central players in the nexus of power between the crypto industry and President Donald Trump’s MAGA complex. Now the brothers are taking advantage of the moment to raise as much as $433 million for Gemini in an initial public offering expected later this week.

The IPO, though, is laying bare an inconvenient ...