Cryptocurrency exchange Gemini sent $10 million in Bitcoin to MAGA Inc. Super PAC supporting President Donald Trump on June 19, according to a July report filed with the Federal Election Commission. The Gemini Trust Company, run by co-founders Cameron and Tyler Winklevoss, made two separate contributions of more than $5 million each. The donation came approximately three weeks after the US Commodity Futures Trading Commission filed a joint motion with Gemini in federal court in May seeking to reverse a January 2025 settlement over alleged false or misleading statements by the company. CFTC Chair Michael Selig claimed the agency under former President Joe Biden 'politically targeted' the Winklevosses through enforcement actions. The contribution adds to the Winklevoss brothers' pattern of political support for Trump, who took office in January 2025 amid ongoing debates over cryptocurrency regulation.
CFTC Files Joint Motion with Gemini to Reverse Settlement
The CFTC filed a joint motion with Gemini in the US District Court for the Southern District of New York in May to reverse a January 2025 settlement. The original settlement involved a $5 million penalty related to allegations that the company made false or misleading statements. As of the July report filing date, no decision had been posted to the public docket. A CFTC spokesperson stated in June that both sides 'agreed that the $5 million penalty will not be returned to Gemini' if the court grants the reversal. CFTC Chair Michael Selig stated at the time that the agency under former President Joe Biden 'politically targeted' the Winklevosses through enforcement actions. Cointelegraph reached out to the CFTC and Gemini's counsel, Avi Perry, for comment on the $10 million contribution but did not receive an immediate response.
Winklevoss Brothers Contribute $10 Million Bitcoin to Trump PAC
According to the MAGA Inc. Super PAC's July report to the Federal Election Commission filed on Monday, the Gemini Trust Company sent two separate Bitcoin contributions of more than $5 million each on June 19. The PAC may use the donation for independent expenditures to support Trump. In addition to the recent MAGA Inc. contributions, the Winklevoss brothers each donated $1 million to Trump's 2024 election campaign and supported the then-candidate through social media posts. Following Trump taking office in January 2025, the twins attended the signing ceremony for a stablecoin payments bill, the GENIUS Act, backed his sons' crypto mining venture American Bitcoin and contributed $21 million in Bitcoin to the Digital Freedom Fund PAC in an effort to 'support President Trump and his administration's efforts' related to crypto policy. As of June 30, MAGA Inc. reported receiving more than $397 million.
Senator Warren Criticizes CFTC Joint Motion
Senator Elizabeth Warren sent a June letter to Selig calling the joint motion for reversal and other factors '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.' Warren's letter addressed what she described as the agency's response to political pressures. The letter came after the CFTC filed the joint motion with Gemini in May.
CFTC Chair Selig Remains Sole Commissioner
The CFTC chair, a Republican who was confirmed by the US Senate in December 2025, remains the only member in what is usually a bipartisan group of five commissioners heading the agency. Many lawmakers have been pressing Trump to announce additional nominations for the financial regulator as Congress considers comprehensive crypto market structure legislation, the Digital Asset Market Clarity (CLARITY) Act. The bill is expected to give the CFTC significant authority in regulating and overseeing digital assets. As of Thursday, the White House had not announced any nominations for CFTC commissioners, leaving Selig to largely direct the agency's agenda.
FAQ
How much Bitcoin did Gemini send to the Trump PAC?
Gemini sent $10 million in Bitcoin to MAGA Inc. Super PAC on June 19, according to a July report filed with the Federal Election Commission. The Gemini Trust Company made two separate contributions of more than $5 million each.
Why did the CFTC file a joint motion with Gemini?
The CFTC filed a joint motion with Gemini in federal court in May to reverse a January 2025 settlement over allegations that the company made false or misleading statements. CFTC Chair Michael Selig claimed the agency under former President Joe Biden 'politically targeted' the Winklevosses through enforcement actions.
How much has MAGA Inc. received as of June 30?
As of June 30, MAGA Inc. reported receiving more than $397 million, according to the Federal Election Commission report.
