CFTC Wants To Reverse Course On Penalty Against Winklevoss Twins’ Crypto Business

The US Commodity Futures Trading Commission has asked a judge to vacate a consent order it won against the Gemini Trust Company. The crypto business, run by twins Tyler and Cameron Winklevoss, agreed to a $5 million fine in early January 2025 after the CFTC sued it for making false or misleading statements regarding its bitcoin operation. Along with the fine it agreed to permanent injunction against making similar statements in the future. Gemini has jointly filed a petition for relief from judgment.

The original settlement came down in the final days of Joe Biden’s presidency. The CFTC is a different beast under the current administration. Donald Trump has already granted pardons to people who have backed his political and business endeavors, and each of the Winklevoss brothers donated $1 million in bitcoin to his election campaign in 2024. With the Gemini fines already paid and the CFTC explicitly stating that the company won’t have those penalties returned, this latest move carries more symbolic than financial weight. It’s the latest example of the federal government rewarding the president’s allies, regardless of the genuine harms they may have caused.