- Gemini Trust Company sent $10 million in Bitcoin to the MAGA Inc. Super PAC supporting President Donald Trump.
- The donation came weeks after the CFTC and Gemini filed a joint motion to reverse a $5 million settlement over alleged false statements.
- CFTC Chair Michael Selig, the sole commissioner, previously stated the agency “politically targeted” the Winklevoss twins under the prior administration.
The cryptocurrency exchange Gemini Trust Company, run by co-founders Cameron and Tyler Winklevoss, sent $10 million in Bitcoin to the MAGA Inc. Super PAC, which supports President Donald Trump, according to a July filing with the Federal Election Commission. The two separate contributions of more than $5 million each were recorded on June 19, about three weeks after the Commodity Futures Trading Commission (CFTC) and Gemini filed a joint motion in federal court seeking to reverse a January 2025 settlement over allegedly false or misleading statements.
CFTC Chair Michael Selig claimed the agency under former President Joe Biden “politically targeted” the Winklevoss brothers through enforcement actions. The joint motion, filed with the US District Court for the Southern District of New York in May, has not yet received a public decision.
The Winklevoss twins previously each donated $1 million to Trump’s 2024 campaign and supported his sons’ crypto mining venture American Bitcoin. They also contributed $21 million in Bitcoin to the Digital Freedom Fund PAC for crypto policy efforts.
Senator Elizabeth Warren, in a June letter to Selig, called the joint motion for reversal and other factors “concerning signs of a CFTC beholden to political pressures and interests of the wealthy insiders.” As of June 30, MAGA Inc. reported receiving more than $397 million.
Selig remains the sole CFTC commissioner, a position usually filled by a bipartisan group of five, as lawmakers wait for additional nominations from the White House. The lack of nominations comes as Congress considers the Digital Asset Market Clarity (CLARITY) Act, which would give the CFTC significant authority over digital assets.
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