Gemini has sent $10 million in Bitcoin to a super PAC backing President Donald Trump, weeks after the US Commodity Futures Trading Commission moved to reverse a $5 million settlement with the exchange. The contributions surfaced in MAGA Inc.'s July filing to the Federal Election Commission.
The Gemini Trust Company, run by co-founders Cameron and Tyler Winklevoss, sent two contributions of more than $5 million in Bitcoin on June 19, according to the MAGA Inc. Super PAC's July report to the Federal Election Commission filed Monday. The PAC may use the money for independent expenditures supporting Trump.
That donation landed about three weeks after the CFTC filed a joint motion with Gemini to reverse a January 2025 settlement over the company allegedly making false or misleading statements. A New York court has yet to rule on whether to grant it.
A settlement the CFTC now wants reversed
CFTC Chair Michael Selig had claimed the agency under former President Joe Biden politically targeted the Winklevosses through enforcement actions. Attorneys filed the joint motion with the US District Court for the Southern District of New York in May, and no decision has appeared on the public docket.
A CFTC spokesperson told Cointelegraph in June that both sides "agreed that the $5 million penalty will not be returned to Gemini" if the court grants the reversal. Senator Elizabeth Warren criticized the joint motion in a June letter to Selig, calling it a concerning sign of a regulator bending to political pressure.
The Winklevosses' history of backing Trump
The brothers each donated $1 million to Trump's 2024 campaign and supported him through social media posts. After Trump took office in January 2025, they attended the signing ceremony for the GENIUS Act stablecoin payments bill, backed his sons' crypto mining venture American Bitcoin, and contributed $21 million in Bitcoin to the Digital Freedom Fund PAC. As of June 30, MAGA Inc. reported receiving more than $397 million.
Selig still the lone CFTC commissioner
Selig, a Republican confirmed by the Senate in December 2025, remains the only member of what is normally a five-person bipartisan commission. Lawmakers have pressed Trump to name more nominees as Congress weighs the Digital Asset Market Clarity (CLARITY) Act, which is expected to give the CFTC significant authority over digital assets. As of Thursday, the White House had not announced any nominations for the agency.
Source: Cointelegraph
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