Gemini Sends $10M in Bitcoin to Trump PAC Amid CFTC Reversal Bid
The cryptocurrency exchange Gemini has sent $10 million in Bitcoin to a super political action committee (PAC) supporting President Donald Trump. According to the MAGA Inc. Super PAC's July report to the Federal Election Commission (FEC), Gemini Trust Company, run by co-founders Cameron and Tyler Winklevoss, made two separate contributions of over $5 million in BTC on June 19. This donation was recorded about three weeks after the CFTC filed a joint motion with Gemini in federal court to reverse a January 2025 settlement over allegedly false or misleading statements.
CFTC Chair Michael Selig claimed at the time that the agency under former US President Joe Biden 'politically targeted' the Winklevosses through enforcement actions. The CFTC and Gemini agreed in a June letter that if granted by the court, the $5 million penalty will not be returned to Gemini.
Senator Elizabeth Warren called the joint motion for reversal and other factors as '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.'