Gemini Founder Donates $10 Million Worth of Bitcoin to Trump PAC Amid Joint Filing and Withdrawal of Settlement with CFTC

Gemini founder donates $10 million worth of Bitcoin to Trump PAC

Cameron and Tyler Winklevoss, co-founders of the cryptocurrency exchange Gemini, have donated a total of $10 million worth of Bitcoin (BTC) to the political action committee "MAGA Inc." supporting former President Donald Trump, as revealed in filings with the Federal Election Commission (FEC).

According to reports, the transfer of funds was made through Gemini Trust, with two transactions exceeding $5 million (approximately 820 million yen) each. This donation is seen as part of their proactive political funding efforts to fully support the Trump administration's cryptocurrency policies.

Unusual Withdrawal of Settlement with CFTC and Political Repercussions

What stands out is the timing of this substantial donation. Just weeks before the donation, Gemini and the Commodity Futures Trading Commission (CFTC) had jointly filed a motion in federal court to withdraw a $5 million settlement that had been established in January 2025.

CFTC Chairman Michael Selig claimed that past enforcement actions under the Biden administration had "politically targeted Gemini." However, even if the court approves the withdrawal of the settlement, it has been agreed that the already paid $5 million fine will not be returned to the company.

This move to withdraw the decision has faced severe criticism from Congress. Senator Elizabeth Warren strongly condemned the series of actions in a letter to Chairman Selig, stating that they were "influenced by political pressure and specific interests, abandoning the role of a regulatory authority."

Strengthening Ties with the Administration and CFTC's Independent Guidance

The Winklevoss brothers have previously supported the Trump campaign, not only through donations for the presidential election but also by attending the signing ceremony for stablecoin-related legislation (GENIUS Act) and donating $21 million (approximately 3.43 billion yen) worth of BTC to the policy support group "Digital Freedom Fund PAC."

Furthermore, they are deepening their relationship with the administration through investments in Bitcoin mining ventures involving Trump’s family. Meanwhile, the situation at the CFTC, the regulatory body, is also causing ripples. The commission, which is normally operated by five members, currently has only Chairman Selig in an unprecedented one-person system. As discussions progress on bills granting the CFTC oversight authority over the cryptocurrency market (such as the CLARITY Act), the White House has delayed appointing additional commissioners, leaving Selig to make decisions for the agency alone.

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