Gemini Trust Company, a prominent cryptocurrency exchange co-founded by Cameron and Tyler Winklevoss, has contributed $10 million in Bitcoin to a super PAC backing US President Donald Trump, according to financial filings released this week.
Major Bitcoin donation tied to CFTC case developments
The contribution was disclosed in MAGA Inc. Super PAC’s July report to the Federal Election Commission. The filing reveals that Gemini sent two separate Bitcoin donations, each exceeding $5 million, on June 19. MAGA Inc., a political action committee supporting Trump, can use the funds for independent expenditures during the 2024 presidential campaign.
This significant donation was recorded just weeks after the Commodity Futures Trading Commission (CFTC) and Gemini jointly requested a federal court to consider reversing a $5 million settlement reached in January 2025. The case centers on allegations that Gemini provided false or misleading statements.
Michael Selig, CFTC Chair and the agency’s only current commissioner, has asserted that previous enforcement actions against Gemini were politically motivated under former President Joe Biden’s administration, targeting the Winklevoss brothers.
The CFTC, led by Selig, claimed that the Biden administration “politically targeted” the Winklevosses through enforcement, highlighting tensions surrounding regulatory action in the crypto sector.
Beyond the $10 million donation, the Winklevoss twins previously contributed $1 million each to Trump’s 2024 campaign and have shown vocal support for his presidency on social media. After Trump’s return to office in January 2025, the brothers appeared at the signing ceremony for the GENIUS Act, a stablecoin payments bill, and backed his sons’ crypto mining venture, American Bitcoin. They have also contributed $21 million in Bitcoin to the Digital Freedom Fund PAC, aimed at advancing crypto-friendly policies.
Ongoing court proceedings and political reactions
No final decision has been made public regarding the joint CFTC-Gemini request, which was filed with the US District Court for the Southern District of New York in May. The CFTC stated in June that if the court grants reversal, the $5 million penalty will not be returned to Gemini.
Senator Elizabeth Warren sent a letter to CFTC Chair Selig in June, raising concerns that the joint motion and recent actions suggest the agency may be influenced by political pressures and wealthy insiders, warning of risks to market integrity and investor protection.
As of June 30, MAGA Inc. reported total receipts exceeding $397 million.
| Recipient | Amount | Asset | Date |
|---|---|---|---|
| MAGA Inc. Super PAC | $10 million | Bitcoin (BTC) | June 19, 2025 |
| Trump 2024 Campaign | $2 million | USD | Prior to June 2025 |
| Digital Freedom Fund PAC | $21 million | Bitcoin (BTC) | Prior to June 2025 |
Selig’s unique position and crypto regulation
Michael Selig, a Republican who was confirmed as CFTC Chair in December 2025, is currently serving as the sole commissioner on the panel, which is traditionally composed of five bipartisan members. The Commodity Futures Trading Commission is responsible for regulating US derivatives markets, including those related to digital assets.
Lawmakers from both parties have urged President Trump to nominate additional commissioners to restore the commission’s normal composition, especially as Congress debates the Digital Asset Market Clarity (CLARITY) Act. The pending bill would expand the CFTC’s authority over digital asset markets, establishing clearer rules and oversight mechanisms.
As of the latest updates, the White House had not put forward new nominations for the CFTC, meaning Selig continues to manage the agency’s regulatory agenda.
Mini dictionary: Commodity Futures Trading Commission (CFTC), an independent US government agency that regulates derivatives markets, including futures, options, and swaps, and increasingly digital assets. It plays a key role in establishing legal frameworks for crypto-related trading.
