Gemini transfers $10 million in bitcoin to Trump PAC after CFTC motion

Federal court will review whether the $5 million settlement agreement between the CFTC and Gemini should be revoked

The U.S. federal court is about to review whether the $5 million settlement agreement reached between the Commodity Futures Trading Commission (CFTC) and cryptocurrency trading platform Gemini should be revoked. At the same time, Gemini co-founders Cameron Winkleworth and Taylor Winkleworth have donated valuable bitcoins to political groups that support President Donald Trump. This latest development stems from a new disclosure from MAGA Inc.'s Super Political Action Committee (Super PAC).

In a filing with the Federal Election Commission (FEC) on Monday, MAGA Inc.'s super political action committee reported that it received two bitcoin donations of more than $5 million each on June 19-a total value of $10 million in bitcoin-from the Gemini Trust Company run by the Winkleworth brothers. The timing of the donation coincides with a period when the CFTC and Gemini sought to review previous enforcement results in federal court.

Key Points

·An FEC report submitted by MAGA Inc.'s Super Political Action Committee in July showed that the Gemini Trust Company sent two Bitcoin donations of more than $5 million each on June 19.

·The payment came about three weeks after the CFTC and Gemini jointly filed a motion to revoke the January 2025 settlement agreement.

· CFTC Chairman Michael Selig has previously stated that the initial enforcement action was a politically motivated targeting during the previous administration.

·A CFTC spokesman said in June that if the court approves the revocation, the $5 million fine will not be refunded to Gemini.

·In addition, lawmakers have urged the Trump White House to nominate more CFTC commissioners as the agency prepares to regulate broader cryptocurrency market rules.

Bitcoin donations disclosed in the Gemini settlement dispute

According to the MAGA Inc. Super Political Action Committee report filed with the FEC, the Gemini Trust Company made two separate Bitcoin transfers on June 19. The value of each donation exceeded US$5 million, and the total disclosed amount reached US$10 million.

The document shows that the super PAC could use the funds to support Trump's independent spending. This is important because super PACs funding can indirectly influence elections by funding advertising and other political activities, rather than coordinating directly with candidates.

The June 19 donation occurred approximately three weeks after the CFTC and Gemini jointly requested in federal court to review the January 2025 settlement agreement. In previous cases, the CFTC accused Gemini of making false or misleading statements. The current joint motion requests the U.S. District Court for the Southern District of New York to revoke the settlement.

When the CFTC and Gemini filed a joint motion, CFTC Chairman Michael Selig argued at the time that enforcement actions during the Biden administration targeted the Winkleworth brothers "politically motivated." More broadly, the controversy is not just about the legal interpretation of statements, but also about whether the CFTC's enforcement stance should be seen as politically driven.

Known information and unsolved mysteries about the CFTC-Gemini motion

Although the joint motion was filed in May, no ruling has yet been released in the public file. This means the court's view on whether the settlement agreement should be revoked remains unresolved.

Avi Perry, a lawyer for the CFTC and Gemini, did not immediately respond to a request for comment on the $10 million donation. However, a CFTC spokesperson provided background information on the outcome of the fine in June: The parties "agreed that if the court approves the revocation, the $5 million fine will not be refunded to Gemini."

This is crucial to market observers because it distinguishes between two possible outcomes. Even if the settlement is overturned, the agency's position, as relayed by a spokesperson, suggests that the direct economic consequences may not be beneficial to Gemini. In other words, the court battle may affect more precedents or regulatory records than the transfer of paid funds.

The controversy comes as U.S. cryptocurrency regulation continues to evolve-particularly how regulators define improper statements and how market-facing communications can be translated into enforcement action.

The Winkleworth brothers 'political support covers multiple Bitcoin donations

MAGA Inc.'s disclosure is the latest example of the broader model of political participation by the Winklevworth brothers and the Gemini leadership. It is reported that the two brothers each donated $1 million to Trump's 2024 campaign and supported the then-candidate through social media posts. After Trump took office in January 2025, the twins attended the signing ceremony of the GENIUS Act, the stablecoin payments bill. They also supported American Bitcoin, a cryptocurrency mining company linked to Trump's son, and previously reported donated $21 million in bitcoins to the Digital Freedom Fund PAC.

These actions do not in themselves constitute a legal connection with the CFTC-Gemini case. But they do increase political attention, especially the timing and dynamics between regulatory enforcement, court tactics and high-profile political support-especially as lawmakers are already debating how much independence regulators should maintain.

Lawmakers 'concerns and the single-chairman-led CFTC

Members of Congress have criticized the CFTC's joint withdrawal of the settlement agreement. In a June letter to CFTC Chairman Selig, Senator Elizabeth Warren described the joint revocation motion and other factors as "worrying signs" that the committee was influenced by political pressure and interests rather than strictly abiding by the rule of law and its responsibilities to protect investors and market integrity.

At the same time, the internal composition of the CFTC remains a core policy issue. Selig remains the only member to lead the agency, and no new nominations have been announced as of Thursday. The CFTC is usually governed by five members from each party, so a single-member board structure could affect enforcement priorities and the speed at which the agency adopts new regulatory approaches.

Many lawmakers have been urging the Trump administration to nominate more commissioners. The pressure coincides with Congress advancing legislation on the structure of cryptocurrency markets, including the CLARITY Act, which is reportedly expected to expand the CFTC's powers to regulate digital assets.

Since the White House has not yet announced nominations, Selig actually currently dominates the agency's agenda. This is critical for investors and market participants, as the CFTC's leadership and regulatory stance can influence which enforcement theories are adopted, how compliance expectations are interpreted, and how quickly rule-making moves forward in practice.

In addition, as of June 30, MAGA Inc. has received more than US$397 million in donations. The number highlights the scale of political fundraising during the election week, while individual disclosures such as the June 19 Bitcoin transfer continue to spark scrutiny of the intersection of cryptocurrency wealth, regulation and politics.

As the court considers whether to revoke the Gemini settlement, key observations include: whether the case file will soon issue a ruling; if the revocation is approved, how the CFTC will explain the reasons for the revocation from a legal perspective; and whether more nominations for CFTC commissioners will be announced-developments that will determine how the agency's future supervision of cryptocurrencies evolves.