A federal court is set to review whether a $5 million settlement between the US Commodity Futures Trading Commission (CFTC) and Gemini should be reversed, even as Gemini co-founder Cameron and Tyler Winklevoss have directed substantial Bitcoin donations to political groups supporting President Donald Trump. The latest development comes from a new disclosure by the MAGA Inc. Super PAC.
In a Federal Election Commission (FEC) filing dated Monday, MAGA Inc. Super PAC reported receiving two Bitcoin contributions exceeding $5 million each on June 19—totaling $10 million in BTC—sent by the Winklevoss-run Gemini Trust Company. The donation timing overlaps with the period when the CFTC and Gemini are seeking to revisit the earlier enforcement outcome in federal court.
Key takeaways
- MAGA Inc. Super PAC’s July FEC report says Gemini Trust Company sent two Bitcoin contributions of more than $5 million each on June 19.
- The payments were made about three weeks after the CFTC and Gemini jointly filed a motion to reverse a January 2025 settlement.
- CFTC Chair Michael Selig previously characterized the original enforcement as politically targeted under the prior administration.
- A CFTC spokesperson told Cointelegraph in June that, if the court grants relief, the $5 million penalty would not be returned to Gemini.
- Separately, lawmakers have pushed the Trump White House to nominate additional CFTC commissioners as the agency prepares to oversee broader crypto-market rules.
Bitcoin donations disclosed amid court fight over Gemini settlement
According to the MAGA Inc. Super PAC report filed with the FEC, Gemini Trust Company made two separate transfers of Bitcoin on June 19. Each contribution was valued at more than $5 million, bringing the disclosed total to $10 million.
The filing indicates the super PAC can use the funds for independent expenditures supporting Trump. That matters because super PAC spending can influence elections indirectly—by funding advertising and other political activities—rather than making direct coordination with candidates.
The June 19 contributions came roughly three weeks after the CFTC and Gemini jointly moved in federal court to revisit a settlement dated to January 2025. In that earlier case, the CFTC alleged Gemini made false or misleading statements. The current joint filing seeks a reversal of that settlement in the US District Court for the Southern District of New York.
When the CFTC and Gemini filed their joint motion, Cointelegraph reported that CFTC Chair Michael Selig argued at the time that the enforcement during the Biden administration “politically targeted” the Winklevosses. The broader implication is that the dispute is not only about legal interpretation of statements, but also about whether the CFTC’s enforcement posture should be treated as politically motivated.
What’s known about the CFTC-Gemini motion—and what remains unanswered
While the joint motion was filed in May, Cointelegraph reported that no decision has yet been posted to the public docket. That means the court’s view on whether the settlement should be reversed is still pending.
Cointelegraph also said it reached out to the CFTC and Gemini’s counsel, Avi Perry, for comment on the $10 million contribution but did not receive an immediate response. A CFTC spokesperson, however, provided context in June about the penalty outcome: both sides “agreed that the $5 million penalty will not be returned to Gemini” if the court grants the reversal.
This point is important for market watchers because it separates two possible outcomes. Even if the settlement is overturned, the agency’s position (as relayed by a spokesperson) suggests the immediate financial consequence may not change in Gemini’s favor. In other words, the court fight may affect precedent or regulatory record more than it affects the transfer of funds already paid.
The dispute is occurring as crypto regulation in the US continues to evolve—especially around how regulators determine what constitutes improper statements and how they translate market-facing communications into enforcement actions.
Winklevoss political support spans multiple BTC donations
The MAGA Inc. disclosure is the latest entry in a broader pattern of political involvement by the Winklevoss brothers and Gemini leadership.
Cointelegraph reported that both brothers donated $1 million each to Trump’s 2024 election campaign and supported the then-candidate through social media posts. After Trump took office in January 2025, the twins attended a stablecoin payments bill signing ceremony for the GENIUS Act. They also supported American Bitcoin, a crypto mining venture associated with Trump’s sons, and contributed $21 million in Bitcoin to the Digital Freedom Fund PAC, according to earlier coverage.
These actions do not establish any legal relationship to the CFTC-Gemini case on their own. But they do intensify political attention on the timing and dynamics between regulatory enforcement, court strategy, and high-profile political backing—particularly when lawmakers are already debating the degree of independence regulators should maintain.
Concerns from lawmakers and a CFTC shaped by a lone chair
Criticism of the CFTC’s joint approach to reversal has come from members of Congress. Cointelegraph reported that Senator Elizabeth Warren, in a June letter to CFTC Chair Selig, described the joint motion for reversal and other factors as “concerning signs” of a commission influenced by political pressures and aligned interests, rather than governed strictly by rule of law and a duty to protect investors and market integrity.
At the same time, the CFTC’s internal composition remains a central policy issue. Cointelegraph noted that Selig remains the sole commissioner leading the agency, with no additional nominations announced as of Thursday. The CFTC is usually governed by a bipartisan set of five commissioners, so a one-person board structure can shape both enforcement priorities and how quickly the agency can adopt new regulatory approaches.
Many lawmakers have been urging the Trump administration to nominate additional commissioners. That pressure coincides with congressional work on crypto market structure legislation, including the Digital Asset Market Clarity (CLARITY) Act, which—per Cointelegraph’s reporting—is expected to expand the CFTC’s authority in regulating and overseeing digital assets.
With the White House not yet announcing nominations, Selig effectively directs the agency’s agenda for now. That matters to investors and market participants because the CFTC’s leadership and regulatory posture can influence which enforcement theories are pursued, how compliance expectations are interpreted, and what rulemaking momentum looks like in practice.
Separately, Cointelegraph reported that as of June 30, MAGA Inc. had received more than $397 million. That figure underscores the scale of political fundraising activity around the election cycle, even as individual disclosures like the June 19 BTC transfers keep drawing scrutiny to the intersection of crypto wealth, regulation, and politics.
As the court considers whether the Gemini settlement should be reversed, the key watchpoints are whether the docket produces a ruling soon, how the CFTC frames the reversal in legal terms if relief is granted, and whether additional CFTC commissioner nominations are announced—developments that could determine how aggressively the agency’s crypto oversight evolves next.
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