CFTC Seeks to Vacate $5M Penalty Against Winklevoss' Gemini Exchange
The U.S. Commodity Futures Trading Commission (CFTC) has jointly filed with Gemini to reverse a $5 million penalty imposed in January 2025, admitting the case relied on a discredited whistleblower and concealed evidence. The CFTC now says the enforcement was politically motivated under the Biden administration. The move, under Trump-appointed Chair Michael Selig, signals a shift in crypto regulation. Gemini founders, who donated to Trump’s campaign, had alleged a seven-year "lawfare" campaign.
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CFTC Chairman Says Winklevoss Twins Were Politically Targeted, Contradicting Ex-Nominee's Claims
Michael Selig, chairman of the Commodity Futures Trading Commission (CFTC), told CNBC that the agency's case against the Winklevoss twins' crypto exchange Gemini was an act of political 'lawfare' by the Biden administration. This contradicts allegations from former CFTC nominee Brian Quintenz, who claimed the twins lobbied to block his confirmation after he refused to promise them a favorable outcome in the Gemini case. Selig's remarks came as the CFTC asked a federal judge to vacate a $5 million penalty and permanent injunction against Gemini, imposed in the final weeks of the Biden administration. The case originated from 2017 statements Gemini made to the CFTC regarding a bitcoin futures product. Meanwhile, Gemini's financial situation has deteriorated sharply since its IPO in September 2025, with its stock falling 84%, widening losses, and significant workforce reductions. The Winklevoss twins, worth an estimated $2.5 billion each from early bitcoin investments, have pivoted Gemini toward prediction markets.
Forbes - BusinessCFTC Chair Says Gemini Enforcement Was Politically Motivated Under Biden
Commodity Futures Trading Commission (CFTC) Chairman Michael Selig stated that the agency's enforcement action against Gemini, the crypto exchange founded by the Winklevoss twins, was part of a broader political campaign against the crypto industry under the Biden administration. In a CNBC interview, Selig said the agency is 'righting those wrongs' and moving to vacate a January 2025 order that imposed a $5 million penalty and an injunction on Gemini for allegedly making false statements. The case originated in 2022 over a bitcoin futures product. Selig's comments mark the latest sign of the Trump administration rolling back Biden-era crypto enforcement. Tyler and Cameron Winklevoss were major individual crypto donors to President Trump's 2024 campaign.
US Top News and AnalysisCFTC Bid to Vacate Order Against Winklevoss' Crypto Exchange 'Very Unusual,' Ex-Agency Chief Says
The Commodity Futures Trading Commission (CFTC) has taken the unusual step of asking a federal judge in New York to vacate a January 2025 consent order against Gemini Trust, the cryptocurrency exchange founded by the Winklevoss twins. The order, which included a $5 million penalty and an injunction barring Gemini from making false statements to the agency, was issued in the final weeks of the Biden administration. Former CFTC Chair Tim Massad told CNBC that the move is 'very unusual' and noted that during his tenure, the agency only brought cases that were strong on the merits. The CFTC is now led by an appointee of President Donald Trump, whose campaign received donations from Tyler and Cameron Winklevoss. Massad emphasized that the CFTC enforcement division historically acted with professionalism and integrity.
US Top News and AnalysisCFTC Seeks to Void Biden-Era Settlement with Winklevoss Twins' Gemini Exchange
The Commodity Futures Trading Commission (CFTC) has requested a federal judge to overturn a settlement reached during the Biden administration with Gemini, the cryptocurrency exchange co-founded by Tyler and Cameron Winklevoss. The CFTC stated that it determined 'inappropriate tactics' were employed to bring the case and 'extract a settlement' from Gemini. The settlement was finalized in the final days of the previous administration. This move signals a shift in regulatory approach under the current administration, potentially impacting the crypto industry's legal landscape.
Just In NewsCFTC and Gemini Jointly Move to Reverse $5 Million Settlement
The U.S. Commodity Futures Trading Commission (CFTC) and crypto exchange Gemini have jointly filed a motion to reverse a January 2025 consent order that imposed a $5 million civil penalty on Gemini for allegedly making false statements about Bitcoin futures manipulation risks. The CFTC now says the original complaint should not have been filed, as it was largely based on a whistleblower account known to be lacking in credibility, and that personnel improperly influenced the regulatory process. The reversal follows the appointment of Michael Selig as CFTC Chair in December 2025, after the White House withdrew Brian Quintenz's nomination. Gemini had previously filed a complaint alleging a seven-year 'lawfare' campaign by the CFTC. The exchange is now pivoting to prediction markets, with its Gemini Titan subsidiary approved as a Designated Contract Market and Gemini Olympus receiving a DCO license from the CFTC.
Yahoo FinanceCFTC Asks Judge to Vacate $5 Million Penalty Against Gemini Crypto Exchange
The Commodity Futures Trading Commission (CFTC) has joined cryptocurrency exchange Gemini in asking a federal judge to vacate a $5 million penalty previously imposed on the company. A CFTC investigation revealed that its own Division of Enforcement used inappropriate tactics to bring the case, including relying on a whistle-blower account deemed not credible and concealing evidence from a CFTC commissioner before a vote on pursuing the case. The CFTC also stated that Gemini was defrauded by its former chief operating officer and two customers who received improper rebates, yet the enforcement action focused on misleading statements about bitcoin futures trading integrity. Regulators allegedly told Gemini it would not be approved for a new prediction market platform while the enforcement action was pending. The CFTC concluded the complaint should not have been filed under current enforcement standards. It remains unclear whether the $5 million penalty paid in January 2025 will be refunded. The case had political dimensions, as Gemini founders Cameron and Tyler Winklevoss donated to Donald Trump's 2024 campaign and raised the case with a nominee to lead the CFTC.
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