Gemini donates $10M in Bitcoin to Trump PAC as CFTC seeks to reverse penalty
Cryptocurrency exchange Gemini has transferred $10 million in Bitcoin to a pro-Trump super PAC as federal regulators jointly move to erase a $5 million penalty against the firm, highlighting the shifting boundaries between political spending and regulatory enforcement.
Gemini Trust Company, the crypto exchange run by Cameron and Tyler Winklevoss, sent two Bitcoin contributions exceeding $5 million each to the MAGA Inc. Super PAC on June 19. As of June 30, the PAC reported receiving more than $397 million. The Gemini funds are designated for independent expenditures supporting President Donald Trump.
This payment arrived roughly three weeks after the Commodity Futures Trading Commission and Gemini filed a joint motion in federal court to reverse a January 2025 settlement. That original $5 million settlement penalized Gemini for allegedly making false or misleading statements. CFTC Chair Michael Selig asserted that the agency under former President Joe Biden had "politically targeted" the Winklevosses through its enforcement actions.
A CFTC spokesperson clarified that even if the court approves the reversal, the $5 million penalty will not be returned to the exchange. No decision has been posted to the public docket since the motion was filed in May. For market participants, the alignment of a financial regulator and a penalized firm underscores a dramatic shift in how digital asset rules are enforced.
The Winklevoss twins have systematically built financial ties to the current administration. They previously donated $1 million each to Trump’s 2024 campaign and $21 million in Bitcoin to the Digital Freedom Fund PAC to support the administration's crypto policies. Following the January inauguration, the twins attended the signing of the GENIUS Act stablecoin bill and publicly backed American Bitcoin, a mining venture launched by the president’s sons.
This dynamic has drawn scrutiny from lawmakers. Senator Elizabeth Warren warned Selig in a June letter that the joint motion represented "concerning signs of a CFTC beholden to political pressures and interests of the wealthy insiders, unbound by the rule of law and failing to protect investors and market integrity."
Warren’s concerns are amplified by the current structure of the CFTC. Selig, confirmed by the Senate in December 2025, is operating as the sole commissioner of an agency typically led by a bipartisan group of five. The White House has yet to announce any nominations for the remaining seats, leaving Selig to direct the agency's agenda as Congress debates the Digital Asset Market Clarity Act, legislation that would grant the CFTC significant new authority over digital assets.
