Gemini donates $10M in Bitcoin to Trump-supporting PAC
Crypto exchange makes political contribution amid CFTC settlement reversal attempt.
1Donation amid CFTC settlement challenge
While seeking to overturn a $5M settlement with the CFTC, cryptocurrency exchange Gemini sent $10M worth of Bitcoin to the pro-Trump MAGA Inc. Super PAC. The Winklevoss-run company made two separate transfers totaling the amount on June 19, weeks after jointly filing to reverse the regulatory agreement.
2Claims of political targeting
CFTC Chair Michael Selig alleged the Winklevoss twins were politically targeted during the Biden administration. The joint motion filed in May sought to nullify Gemini's January 2025 settlement over alleged false statements. The Bitcoin donation followed shortly after this legal maneuver.
3Growing crypto support for Trump
The Winklevoss brothers each donated $1M directly to Trump's campaign, attended the GENIUS Act signing ceremony, backed a Bitcoin mining venture, and gave $21M in BTC to another pro-crypto PAC. These moves align with their advocacy for favorable digital asset policies under Trump's administration.
4Lone commissioner at CFTC
Selig remains the sole CFTC commissioner with no new appointments made, despite Congress considering the CLARITY Act that would expand the agency's crypto oversight powers. This unusual situation grants Selig unprecedented control over the regulator's agenda during critical market structure debates.
5Legal scrutiny and transparency
Senator Elizabeth Warren criticized the CFTC's reversal motion as serving wealthy insiders. Neither Gemini's counsel nor the CFTC commented on the $10M PAC contribution. While awaiting court decision, officials confirmed the $5M penalty wouldn't be refunded even if the settlement is overturned.
6Crypto industry's political clout
With crypto firms spending $189M on the 2026 election cycle per reports, Gemini's move reflects the industry's strategy to influence regulation through political channels. The outcome of the CLARITY Act will test how effectively digital asset companies can shape policy through such contributions and alliances.