Winklevoss Twins Were ‘Politically Targeted,’ CFTC Chief Says—Clashing With Ex-Nominee Trump Yanked
Michael Selig said the agency is reversing a politically targeted enforcement action as Gemini seeks to erase a $5 million penalty and injunction.
- The Commodity Futures Trading Commission asked a federal judge in New York last week to vacate a January 2025 order against Gemini, seeking to drop a $5 million penalty and permanent injunction imposed during the final weeks of President Joe Biden's administration.
- Chairman Michael Selig told CNBC on Tuesday that the agency's previous actions against the Winklevoss twins' exchange constituted political "lawfare," accusing the Biden administration of weaponizing federal regulators against the crypto industry.
- This reversal counters allegations that the Winklevoss twins targeted the CFTC by lobbying against Brian Quintenz's nomination for the chairman role after he refused to promise them a favorable outcome.
- Originating in 2022, the case alleged Gemini made misleading statements to regulators in 2017 while seeking approval for a bitcoin futures product; the $5 million penalty has been paid, though the permanent injunction remains in effect.
- Tyler Winklevoss, whose company saw its stock collapse roughly 84% from its initial public offering price, now sits on the CFTC's Innovation Advisory Committee, a position appointed by Selig in January 2026.
11 Articles
11 Articles
CFTC Chair Claims Gemini Case was Politically Motivated, Seeks to Reverse Settlement
CFTC Chair Michael Selig claimed that the Biden administration “weaponized” federal agencies against companies like Gemini, whose co-founders donated $1 million each to Donald Trump’s 2024 campaign.
CFTC Chief Alleges Political Bias In Gemini Crypto Lawsuit
The chairman of the Commodity Futures Trading Commission (CFTC) has alleged that crypto exchange Gemini was unfairly targeted during the Biden administration, signaling a broader shift in how the Trump administration approaches cryptocurrency regulation. Speaking to CNBC, CFTC Chairman Michael Selig said federal agencies had been used to pursue politically motivated actions against parts of the crypto industry. He specifically cited Gemini, the …
CFTC Chair Says Biden Team Politically Targeted Gemini Founders
Why Is The CFTC Revisiting The Gemini Settlement? Commodity Futures Trading Commission Chair Michael Selig said the agency is trying to reset its enforcement approach after what he described as political targeting of crypto firms under former President Joe Biden. In a Tuesday CNBC interview, Selig said the CFTC under his leadership was “trying to get back to a baseline” on enforcement. He claimed the prior administration had politicized federal …
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