Gemini sent $10M in Bitcoin to Trump PAC After CFTC Filing

The Bitcoin donation could be used to support Donald Trump as a New York court considers whether to overturn a $5 million settlement between the Commodity Futures Trading Commission (CFTC) and Gemini.

As a court prepares to consider reversing a $5 million settlement in the US Commodity Futures Trading Commission’s (CFTC) case against cryptocurrency exchange Gemini, the company has transferred $10 million worth of Bitcoin (BTC) to a super political action committee (PAC) supporting President Donald Trump.

According to the MAGA Inc. Super PAC’s July filing with the Federal Election Commission (FEC), submitted on Monday, Gemini Trust Company, led by co-founders Cameron and Tyler Winklevoss, made two separate Bitcoin contributions worth more than $5 million each on June 19.

The donation, which MAGA Inc. may use for independent expenditures supporting Trump, was recorded about three weeks after the CFTC and Gemini jointly asked a federal court to overturn a January 2025 settlement involving allegations that the company made false or misleading statements. At the time, CFTC Chair Michael Selig claimed the agency, under former President Joe Biden’s administration, had “politically targeted” the Winklevoss twins through its enforcement actions.

In addition to the recent contributions to MAGA Inc., Cameron and Tyler Winklevoss each donated $1 million to Donald Trump’s 2024 presidential campaign and publicly supported the candidate through social media. After Trump returned to office in January 2025, the brothers attended the signing ceremony for the GENIUS Act, a stablecoin payments bill, backed his sons’ crypto mining venture, American Bitcoin, and contributed $21 million in Bitcoin to the Digital Freedom Fund PAC to support the administration’s crypto policy initiatives.

Since the joint motion by the CFTC and Gemini was filed with the US District Court for the Southern District of New York in May, no ruling has appeared on the public docket. sought comment from both the CFTC and Gemini’s attorney, Avi Perry, regarding the $10 million contribution but did not receive an immediate response. In June, a CFTC spokesperson told that both parties had agreed the $5 million penalty would not be returned to Gemini if the court approved the motion.

In a June letter addressed to CFTC Chair Michael Selig, Senator Elizabeth Warren described the joint motion to reverse the settlement, along with other developments, 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.”

As of June 30, MAGA Inc. reported that it had received more than $397 million in contributions.

Selig Remains the Only CFTC Commissioner as Vacancies Persist#

The CFTC chair, a Republican confirmed by the US Senate in December 2025, remains the sole member of the agency, which is typically led by a bipartisan panel of five commissioners.

Many lawmakers have urged President Trump to nominate additional commissioners to the financial regulator as Congress considers the Digital Asset Market Clarity (CLARITY) Act, a comprehensive crypto market structure bill. If enacted, the legislation would grant the CFTC broad authority to regulate and oversee digital assets.

As of Thursday, the White House had not announced any nominees for CFTC commissioner positions, leaving Selig largely responsible for directing the agency’s agenda.