{"id":35318,"date":"2026-07-24T05:22:00","date_gmt":"2026-07-24T05:22:00","guid":{"rendered":"https:\/\/bitunikey.com\/news\/gemini-sends-10m-in-bitcoin-to-trump-pac-amid-cftc-case-review\/"},"modified":"2026-07-24T05:22:21","modified_gmt":"2026-07-24T05:22:21","slug":"gemini-sends-10m-in-bitcoin-to-trump-pac-amid-cftc-case-review","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/gemini-sends-10m-in-bitcoin-to-trump-pac-amid-cftc-case-review\/","title":{"rendered":"Gemini sends $10M in Bitcoin to Trump PAC amid CFTC case review"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Gemini Trust Company sent more than $10 million in Bitcoin to MAGA Inc., a super political action committee that supports President Donald Trump.\u00a0<\/p>\n<div id=\"cn-block-summary-block_99c49a058e99b9891308811351556c5d\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Gemini sent two Bitcoin contributions totaling over $10 million to Trump-supporting super PAC MAGA Inc.<\/li>\n<li>The donations followed Gemini and CFTC\u2019s joint request to vacate ongoing terms of their settlement.<\/li>\n<li>Gemini will not recover its $5 million penalty even if the court grants relief requested.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>A July Federal Election Commission filing lists two Bitcoin contributions made on June 19, with each valued at more than $5 million. The committee can use the funds for independent spending that supports Trump.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Winklevoss Twins Donated $10 Million From Bitcoin Sale to Trump Super PAC <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/t.co\/68SWfU7FUd\">https:\/\/t.co\/68SWfU7FUd<\/a> <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/t.co\/LauOTIBGES\">pic.twitter.com\/LauOTIBGES<\/a><\/p>\n<p>\u2014 Andres Vilari\u00f1o \ud83c\uddea\ud83c\udde6 (@andresvilarino) <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/x.com\/andresvilarino\/status\/2080401347241725988?ref_src=twsrc%5Etfw\">July 23, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>The transfers came about three weeks after Gemini and the U.S. Commodity Futures Trading Commission filed a joint motion in a New York federal court. The parties asked the judge to remove the continuing terms of a January 2025 consent order. Available records do not establish that the donation affected the CFTC\u2019s decision, and neither side has publicly linked the events.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h2 class=\"wp-block-heading\"><strong>FEC filing records two Bitcoin contributions<\/strong><\/h2>\n<p>MAGA Inc. disclosed the payments in its monthly report covering June. The filing identifies Gemini Trust Company as the contributor and records both payments on the same date. By June 30, the super PAC had reported more than $397 million in total receipts, according to reports citing the filing.<\/p>\n<p>The contributions extend the Winklevoss brothers\u2019 political support for Trump and pro-crypto groups. Cameron and Tyler Winklevoss each gave $1 million in Bitcoin to Trump\u2019s 2024 campaign. They later donated $21 million in Bitcoin to the Digital Freedom Fund, a PAC created to support the administration\u2019s crypto policy goals.<\/p>\n<h2 class=\"wp-block-heading\"><strong>CFTC seeks relief from Gemini consent order<\/strong><\/h2>\n<p>The CFTC sued Gemini in June 2022. The agency alleged that the exchange made false or misleading statements while seeking approval for a Bitcoin futures product. Gemini settled the case in January 2025 without admitting or denying the findings. The consent order required a $5 million civil penalty and imposed a permanent injunction.<\/p>\n<p>On May 27, 2026, the CFTC joined Gemini\u2019s request for relief from that judgment. The agency said a later review found that the complaint \u201cshould not have been filed\u201d under its current enforcement standards. It cited questions about the evidence, a whistleblower\u2019s credibility and staff conduct during the investigation.<\/p>\n<p>However, the motion does not seek repayment of the fine. The CFTC said both sides agreed that the $5 million \u201cwill not be returned to Gemini.\u201d The requested relief covers the future-facing parts of the order, including the injunction. As crypto.news reported in May, the regulator said keeping those terms in force would not be equitable. No public ruling had appeared by July 24.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Warren questions the agency\u2019s independence<\/strong><\/h2>\n<p>Senator Elizabeth Warren challenged the reversal request in a June 5 letter to CFTC Chair Michael Selig. She tied the matter to concerns about staffing cuts, reduced enforcement and contacts between the regulator and crypto or prediction-market firms. Warren called the developments \u201cconcerning signs of a CFTC beholden to political pressures and interests of the wealthy insiders.\u201d<\/p>\n<p>The letter states Warren\u2019s position and does not prove that Gemini\u2019s political giving shaped the agency\u2019s action. The CFTC said its decision followed a review of the investigation, evidence, litigation tactics and current policy. It also said Gemini had been a fraud victim and that the earlier complaint relied heavily on an account lacking credibility.<\/p>\n<p>Warren renewed her scrutiny on July 22 by asking the Government Accountability Office to examine CFTC staffing cuts and their effect on enforcement. Her office said the workforce had fallen by about 25% since January 2025. The CFTC\u2019s current website lists Selig as its only commissioner, although federal law provides for a five-member commission.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Crypto election spending reaches new records<\/strong><\/h2>\n<p>The Gemini contribution arrived during a surge in crypto-linked political spending. As previously reported by crypto.news,Public Citizen estimated that crypto companies had contributed about $189 million during the 2026 U.S. election cycle by late June. The group said this represented about 37% of corporate political contributions tracked during the cycle.<\/p>\n<p>Several large crypto firms have funded PACs supporting candidates from both parties. Fairshake and related committees have received backing from Coinbase, Ripple and other companies. Meanwhile, MAGA Inc. has attracted money from Gemini and other technology or crypto businesses. Super PACs may accept unlimited corporate contributions for independent spending, but they cannot contribute directly to candidates or coordinate communications with them.<\/p>\n<p>The spending comes as Congress considers the CLARITY Act, which could give the CFTC a larger role in digital asset oversight. Lawmakers continue to debate the regulator\u2019s staffing, authority and leadership structure before expanding its duties.<\/p>\n<p>The court has not publicly resolved the Gemini-CFTC motion. The Bitcoin transfer remains a separately disclosed political contribution. Gemini has already paid the $5 million penalty, and the agreement with the CFTC prevents its return even if the judge removes the order\u2019s continuing restrictions.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gemini Trust Company sent more than $10 million in Bitcoin to MAGA Inc., a super political action committee that supports President Donald Trump.\u00a0 Summary Gemini sent two Bitcoin contributions totaling&hellip;<\/p>\n","protected":false},"author":1,"featured_media":29974,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-35318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/35318","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=35318"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/35318\/revisions"}],"predecessor-version":[{"id":35319,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/35318\/revisions\/35319"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/29974"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=35318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=35318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=35318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}