$10M Bitcoin Donation Fuels Crypto Policy Debate Amid CFTC-Gemini Settlement Dispute

Gemini sent $10 million in Bitcoin to MAGA Inc., a super political action committee supporting President Donald Trump, after filing a joint motion with the US Commodity Futures Trading Commission (CFTC) to reverse a $5 million settlement.

The donation was made on June 19 and recorded three weeks after the CFTC filed the joint motion in federal court. The CFTC had accused Gemini of making false or misleading statements, but claimed that the agency under former President Joe Biden 'politically targeted' the Winklevoss brothers through enforcement actions.

The Winklevoss brothers have a history of supporting Trump's crypto policies, with each donating $1 million to his 2024 election campaign and contributing $21 million in Bitcoin to the Digital Freedom Fund PAC. They also attended the signing ceremony for the GENIUS Act, a stablecoin payments bill backed by Trump's sons.

CFTC Chair Michael Selig remains the sole commissioner of the agency, which is awaiting nominations from the White House. Lawmakers have been pressing Trump to announce additional nominations as Congress considers comprehensive crypto market structure legislation, the Digital Asset Market Clarity (CLARITY) Act.