Trump PAC Receives $10M Bitcoin Transfer from Gemini Following CFTC Joint Filing
Gemini's substantial Bitcoin contribution supports Donald Trump while a New York federal court reviews the potential reversal of a $5 million CFTC settlement agreement.
As a federal court prepares to review the potential reversal of a $5 million settlement agreement in the US Commodity Futures Trading Commission's (CFTC's) enforcement action against Gemini, the cryptocurrency exchange has transferred $10 million worth of Bitcoin (BTC) to a super political action committee (PAC) backing President Donald Trump.
Based on Monday's July filing with the Federal Election Commission (FEC) by the MAGA Inc. Super PAC, Cameron and Tyler Winklevoss's Gemini Trust Company made two Bitcoin contributions exceeding $5 million each on June 19.
The PAC recorded this donation, which can be utilized for independent expenditures backing Trump, approximately three weeks following the CFTC's joint motion filing with Gemini in federal court seeking to reverse a settlement reached in January 2025 concerning allegations that the company made false or misleading statements. According to CFTC Chair Michael Selig's statements from that period, the agency under former US President Joe Biden's leadership "politically targeted" the Winklevoss twins via enforcement actions.
Beyond these latest MAGA Inc. contributions, both Winklevoss brothers previously donated $1 million apiece to Trump's 2024 presidential campaign and publicly endorsed the then-candidate via social media platforms. After Trump assumed office in January 2025, the brothers participated in the signing ceremony for the GENIUS Act, a stablecoin payments legislation, endorsed his sons' cryptocurrency mining enterprise American Bitcoin and transferred $21 million in Bitcoin to the Digital Freedom Fund PAC to "support President Trump and his administration's efforts" concerning crypto policy.
Following the joint CFTC-Gemini motion filing by attorneys with the US District Court for the Southern District of New York in May, no ruling has appeared on the public docket. Cointelegraph contacted the CFTC and Gemini's legal representative, Avi Perry, requesting comment regarding the $10 million contribution but has not yet received a response. In June, a CFTC spokesperson informed Cointelegraph that both parties "agreed that the $5 million penalty will not be returned to Gemini" should the court grant the motion.
Senator Elizabeth Warren, in a June correspondence to Selig, characterized the joint reversal motion along with other elements as "concerning signs of a CFTC beholden to political pressures and interests of the wealthy insiders, unbound by the rule of law and failing to protect investors and market integrity."
MAGA Inc. disclosed receiving over $397 million as of June 30.
Selig remains sole CFTC commissioner with no nominations announced
The CFTC chair, a Republican confirmed through the US Senate in December 2025, continues to serve as the sole member of what typically functions as a bipartisan five-commissioner panel leading the agency.
Numerous lawmakers have been urging Trump to reveal additional nominations for the financial regulatory body as Congress evaluates comprehensive crypto market structure legislation, specifically the Digital Asset Market Clarity (CLARITY) Act. This proposed bill would grant the CFTC substantial authority for regulating and overseeing digital assets.
Through Thursday, the White House has not announced any CFTC commissioner nominations, allowing Selig to predominantly steer the agency's agenda.