CFTC Chairman Alleges Gemini Crypto Exchange Was 'Politically Targeted' in Biden-Era Enforcement Case

Jun 2, 2026

CFTC Chairman Michael Selig alleges the agency's enforcement case against the Winklevoss twins' Gemini exchange was a politically motivated attack by the Biden administration. The CFTC is now moving to vacate a 2025 settlement, which included a $5M fine, citing a flawed investigation. The move comes amid scrutiny of the Winklevoss's political donations to Donald Trump and their alleged lobbying efforts to influence the CFTC's leadership.

CFTC motion vacating Gemini penalties

▪The original case, filed in 2022, alleged Gemini made false or misleading statements in 2017 regarding a bitcoin futures product.
▪An internal CFTC review concluded the case against Gemini should never have been filed, citing weak evidence and an unreliable whistleblower.
▪In late May 2026, the CFTC asked a federal court in New York to vacate a January 2025 settlement order against the Gemini crypto exchange.
▪Gemini has already paid the $5 million fine, which cannot be returned, but vacating the order would lift the permanent injunction.
▪The January 2025 settlement included a $5 million fine and a permanent injunction barring Gemini from making false statements to the CFTC.

Winklevoss-Quintenz lobbying dispute

▪Brian Quintenz alleged the Winklevoss twins lobbied against his nomination after he refused to promise a favorable outcome in the Gemini case.
▪Michael Selig was nominated for CFTC chair after Donald Trump pulled the nomination of Brian Quintenz in September 2025.

Gemini financial decline

▪Gemini's net losses increased from $158 million in 2024 to $585 million in 2025.
▪After going public in September 2025, Gemini's stock has fallen roughly 84% from its $28 IPO price.

Gemini workforce restructuring

▪Around the same time as its workforce cuts, Gemini lost its chief operating, financial, and legal officers in quick succession.
▪In February, Gemini cut nearly 30% of its workforce and exited its operations in Europe and Australia.

Trump administration crypto policy

▪Michael Selig stated the CFTC is "righting those wrongs" and reversing past actions, adding that such targeting will not happen again under his administration.
▪CFTC Chairman Michael Selig alleged the Biden administration "weaponized" federal agencies to "politically target" the crypto industry, including the Winklevoss twins.

Winklevoss political donations

▪Tyler Winklevoss was appointed to the CFTC's Innovation Advisory Committee by Michael Selig in January 2026.
▪Tyler and Cameron Winklevoss were among the largest individual crypto donors to Donald Trump's 2024 election campaign.