Gemini Sends $10M in Bitcoin to Trump Super PAC Amid CFTC Reversal Bid
The Gemini Trust Company, run by co-founders Cameron and Tyler Winklevoss, has sent $10 million in Bitcoin to MAGA Inc. Super PAC, a committee supporting President Donald Trump's election campaign.
The donation was made on June 19, about three weeks after the US Commodity Futures Trading Commission (CFTC) filed a joint motion with Gemini in federal court to reverse a January 2025 settlement over allegedly false or misleading statements. The CFTC under former President Joe Biden had targeted the Winklevoss brothers through enforcement actions, according to CFTC Chair Michael Selig.
The $10 million contribution is not the first time the Winklevoss brothers have supported Trump's campaign. Each of them donated $1 million to his 2024 election campaign and attended the signing ceremony for a stablecoin payments bill in January 2025. They also contributed $21 million in Bitcoin to the Digital Freedom Fund PAC, which aims to support President Trump's administration's efforts related to crypto policy.
The joint motion with the CFTC has not yet been decided upon by the US District Court for the Southern District of New York. Senator Elizabeth Warren expressed concerns about the reversal and other factors in a June letter to Selig, stating that they are '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.'
The CFTC Chair, Michael Selig, remains the only member in what is usually a bipartisan group of five commissioners heading the agency. The lack of nominations for additional commissioners has raised concerns about the agency's ability to oversee digital assets effectively.