Gemini Sends $10 Million in Bitcoin to Trump-Supporting Super PAC Amidst CFTC Settlement Reversal Consideration

In a significant financial maneuver, cryptocurrency exchange Gemini, helmed by co-founders Cameron and Tyler Winklevoss, has contributed $10 million in Bitcoin to MAGA Inc., a prominent super political action committee (PAC) actively supporting President Donald Trump. This substantial donation, detailed in MAGA Inc.’s July report to the Federal Election Commission (FEC) filed on Monday, was made through two separate Bitcoin contributions exceeding $5 million each on June 19.

The timing of this donation is particularly noteworthy, occurring approximately three weeks after the U.S. Commodity Futures Trading Commission (CFTC) and Gemini jointly filed a motion in federal court seeking to reverse a January settlement. This settlement, which involved a $5 million penalty for Gemini, was related to allegations that the company had made false or misleading statements. CFTC Chair Michael Selig, a Republican confirmed in December 2025, had previously stated that the agency, under the previous administration led by President Joe Biden, had "politically targeted" the Winklevoss twins through enforcement actions.

The $10 million Bitcoin contribution to MAGA Inc. provides the PAC with resources that can be allocated for independent expenditures to bolster Trump’s campaign. This is not the first instance of the Winklevoss brothers demonstrating significant financial support for Donald Trump and his political endeavors. Previously, each brother individually donated $1 million to Trump’s 2024 election campaign and actively promoted his candidacy through social media. Furthermore, following Trump’s inauguration in January 2025, the twins were present at the signing ceremony for the GENIUS Act, a stablecoin payments bill. They also lent their support to Trump’s sons’ cryptocurrency mining venture, American Bitcoin, and made a substantial $21 million Bitcoin contribution to the Digital Freedom Fund PAC, explicitly stating their intention to "support President Trump and his administration’s efforts" concerning crypto policy.

The joint motion filed by the CFTC and Gemini with the U.S. District Court for the Southern District of New York in May, requesting the reversal of the settlement, is still awaiting a judicial decision. As of the current reporting, no ruling has been publicly docketed. Cointelegraph reached out to both the CFTC and Gemini’s counsel, Avi Perry, for comment on the $10 million Bitcoin contribution, but an immediate response was not received. However, a CFTC spokesperson had previously informed Cointelegraph in June that, should the court grant the joint motion, the $5 million penalty would not be returned to Gemini.

The actions surrounding the CFTC settlement have drawn criticism from some quarters. Senator Elizabeth Warren, in a letter addressed to CFTC Chair Michael Selig in June, expressed her concerns regarding the joint motion for reversal and other related factors. She characterized these developments 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."

As of June 30, MAGA Inc. reported a substantial war chest, having received over $397 million in contributions.

Adding another layer of complexity to the regulatory landscape, CFTC Chair Michael Selig currently remains the sole commissioner heading the agency. The CFTC typically operates with a bipartisan group of five commissioners. Selig, a Republican, was confirmed by the U.S. Senate in December 2025. Lawmakers have been urging President Trump to nominate additional individuals to fill the remaining commissioner positions, particularly as Congress actively considers comprehensive legislation for the cryptocurrency market, such as the Digital Asset Market Clarity (CLARITY) Act. This proposed bill is anticipated to grant the CFTC expanded authority in the regulation and oversight of digital assets. As of Thursday, the White House had not announced any nominations for the vacant CFTC commissioner seats, leaving Selig to largely shape the agency’s agenda.

The broader context of political spending in the crypto industry is also significant. A recent report indicated that crypto companies have already invested $189 million in the 2026 U.S. election cycle. This highlights the growing influence and financial engagement of the digital asset sector in American politics. The CLARITY Act, meanwhile, is facing its own challenges, with potential difficulties in reaching an ethical consensus among stakeholders.