Gemini Donates $10M BTC to Trump PAC Amid CFTC Settlement Reversal Bid

Woofun AI reports that Gemini has transferred $10 million in Bitcoin to a super political action committee supporting President Donald Trump, coinciding with a joint legal motion filed with the US Commodity Futures Trading Commission (CFTC) to reverse a prior $5 million settlement. This strategic alignment of financial support and legal maneuvering highlights the intersection of regulatory enforcement and political advocacy in the cryptocurrency sector.

The donation details were disclosed in a filing submitted to the Federal Election Commission (FEC) on Monday. According to the record, the Gemini Trust Company, operated by co-founders Cameron and Tyler Winklevoss, made two separate contributions totaling more than $5 million each in Bitcoin on June 19. These funds were directed to MAGA Inc., which may utilize them for independent expenditures aimed at supporting Trump. The timing of this substantial transfer is notable, occurring approximately three weeks after the CFTC and Gemini filed a joint motion in federal court. The legal action seeks to overturn a settlement reached in January 2025, which addressed allegations that the exchange made false or misleading statements.

CFTC Chair Michael Selig previously asserted that the agency under former US President Joe Biden had "politically targeted" the Winklevoss brothers through its enforcement actions. Despite the joint effort to reverse the penalty, a CFTC spokesperson clarified in June that the $5 million penalty would not be returned to Gemini even if the court grants the motion. The joint filing was submitted to the US District Court for the Southern District of New York in May, yet no decision has been posted to the public docket since.

Woofun AI data shows that the legal proceedings remain stalled, with no immediate response received from Gemini’s counsel, Avi Perry, or the CFTC regarding the $10 million contribution.

Political criticism of the regulatory approach has intensified, with Senator Elizabeth Warren issuing a letter to Selig in June. Warren characterized the joint motion for reversal as a "concerning sign 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.' Her comments underscore broader concerns about the potential erosion of regulatory independence and the influence of political connections on enforcement decisions.

The Winklevoss brothers have a history of significant political engagement and financial support for Trump. Each donated $1 million to Trump’s 2024 election campaign and actively supported the candidate through social media posts. Following Trump’s inauguration in January 2025, the twins attended the signing ceremony for a stablecoin payments bill known as the GENIUS Act. They also backed their sons’ crypto mining venture, American Bitcoin, and contributed $21 million in Bitcoin to the Digital Freedom Fund PAC. These contributions were explicitly intended to "support President Trump and his administration’s efforts' related to crypto policy, illustrating a sustained commitment to shaping the regulatory landscape.

As of June 30, MAGA Inc. reported receiving more than $397 million in total contributions, reflecting the substantial financial resources mobilized in support of Trump’s political agenda. The CFTC chair, a Republican confirmed by the US Senate in December 2025, remains the sole member of what is typically a bipartisan group of five commissioners. This unusual composition has drawn attention from lawmakers who are urging Trump to announce additional nominations for the financial regulator.

Congress is currently considering comprehensive crypto market structure legislation, including the Digital Asset Market Clarity (CLARITY) Act, which is expected to grant the CFTC significant authority over digital assets. As of Thursday, the White House had not announced any new nominations for CFTC commissioners, leaving Selig to largely direct the agency’s agenda. This concentration of power raises questions about the balance of oversight and the potential for regulatory capture in the evolving crypto industry.