Crypto23 July, 20262 min read
Gemini Sends $10 Million Bitcoin To MAGA Inc. Super PAC After CFTC Joint Motion
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Winklevoss twins donated about $10 million in Bitcoin to MAGA Inc. The donation followed a joint CFTC motion to reverse Gemini's $5 million settlement.
Donation After CFTC Bid
Gemini sent $10 million in Bitcoin to the MAGA Inc. Super PAC supporting President Donald Trump, according to the MAGA Inc. Super PAC’s July report to the Federal Election Commission (FEC) filed on Monday.
The contributions were made on June 19, when the Gemini Trust Company run by co-founders Cameron and Tyler Winklevoss sent two separate contributions of more than $5 million in Bitcoin.
The donation arrived about three weeks after the US Commodity Futures Trading Commission (CFTC) filed a joint motion with Gemini in federal court to reverse a January 2025 settlement over allegations that Gemini made false or misleading statements.
CFTC Chair Michael Selig said at the time that the agency under former US President Joe Biden “politically targeted” the Winklevosses through enforcement actions, framing the reversal bid as a response to prior politics rather than only legal merit.
Warren Calls It Political
Senator Elizabeth Warren challenged the CFTC’s joint motion and other factors in a June letter to Selig, calling it “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.” Cointelegraph reported that it 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.
A CFTC spokesperson told Cointelegraph in June that both sides “agreed that the $5 million penalty will not be returned to Gemini” if granted by the court. CryptoSlate added that the FEC filing shows the committee sold the donated Bitcoin through Gemini, with Cameron’s records totaling $5,006,604.47 and Tyler’s totaling $5,011,860.44.
Court Review and Policy Stakes
A New York court is set to consider whether to reverse a $5 million settlement between the CFTC and Gemini, and the $10 million Bitcoin donation is described as arriving as that review proceeds. Cointelegraph said the donation can be used for independent expenditures to support Trump, while the CFTC spokesperson reiterated that “agreed that the $5 million penalty will not be returned to Gemini” if the court grants relief.
CryptoSlate reported that the CFTC said its review concluded the complaint against Gemini would not have been filed under current enforcement standards, citing credibility problems with a whistleblower account and weaknesses in evidence. As lawmakers consider comprehensive crypto market structure legislation, the Digital Asset Market Clarity (CLARITY) Act, Cointelegraph said Selig remains the only member in what is usually a bipartisan group of five commissioners, and that the White House had not announced any nominations for CFTC commissioners as of Thursday.