Gemini Transfers $10M in Bitcoin to Trump PAC Amid CFTC Settlement Dispute

The Gemini cryptocurrency exchange has transferred $10 million in Bitcoin to Donald Trump's political action committee (PAC), MAGA Inc. The transfer occurred on June 19, roughly three weeks after the U.S. Commodity Futures Trading Commission (CFTC) and Gemini filed a joint motion to reverse a January 2025 settlement. The settlement was for $5 million.

The CFTC had previously charged Gemini with making false or misleading statements. However, if the court grants the reversal, the $5 million penalty would not be returned to Gemini, according to a CFTC spokesperson.

Cameron and Tyler Winklevoss, co-founders of Gemini, have been involved in politics beyond this transfer. They each donated $1 million to Trump's 2024 election campaign and supported him with social media posts. The twins also participated in crypto-related policy and industry events after Trump took office.

Senator Elizabeth Warren has criticized the reversal effort, calling it a sign that the CFTC may be influenced by political pressures. Warren wrote to CFTC Chair Michael Selig in June, expressing concern that the agency appears 'unbound by the rule of law' and 'failing to protect investors and market integrity.'

The CFTC remains without additional commissioners, with only Chair Selig confirmed. Lawmakers have pressed Trump's administration to nominate more members, particularly as Congress considers legislation giving the CFTC more authority over digital assets.