Gemini Trust Company transferred $10 million in Bitcoin to a super political action committee supporting President Donald Trump on June 19, as a federal court prepares to consider whether to reverse a $5 million settlement between the exchange and the Commodity Futures Trading Commission. The contribution consisted of two separate Bitcoin donations each exceeding $5 million.
The transfers occurred roughly three weeks after the agency and Gemini filed a joint motion in the US District Court for the Southern District of New York seeking to undo the January 2025 settlement. That agreement had resolved allegations that the exchange made false or misleading statements. Agency leadership has described earlier enforcement actions under the prior administration as politically motivated. Both parties have indicated that the $5 million penalty would not be returned to Gemini if the court grants the motion. No ruling has yet appeared on the public docket.
The Winklevoss brothers, who co-founded Gemini, had previously each contributed $1 million to the president’s 2024 campaign. They later attended the signing of stablecoin legislation, supported a crypto mining venture associated with the president’s sons, and directed $21 million in Bitcoin to another political action committee focused on digital asset policy.
Senator Elizabeth Warren has described the joint motion and related developments as raising concerns that the agency may be subject to political pressures and the interests of wealthy participants rather than investor protection and market integrity. As of June 30 the recipient super political action committee had reported total receipts exceeding $397 million.
The Commodity Futures Trading Commission currently operates with a single commissioner. The chair, confirmed in December 2025, remains the sole member of an agency that typically comprises five bipartisan commissioners. No additional nominations have been announced even as Congress advances market structure legislation that would expand the agency’s authority over digital assets.