A federal court is preparing to consider whether a $5 million settlement between the US Commodity Futures Trading Commission (CFTC) and Gemini should be reversed, as Gemini co-founders Cameron Winklevoss and Tyler Winklevoss continue to direct significant Bitcoin donations toward political groups supporting President Donald Trump. The latest disclosure came from MAGA Inc. Super PAC in a new Federal Election Commission (FEC) filing.

In a filing dated Monday, MAGA Inc. reported that it received two Bitcoin contributions on June 19, each worth more than $5 million, from Gemini Trust Company, the company run by the Winklevoss brothers. Together, the disclosed contributions totaled $10 million in BTC. The timing places the donations in the same period in which the CFTC and Gemini are jointly asking a federal court to revisit an earlier enforcement settlement.

Bitcoin contributions disclosed as Gemini settlement dispute continues

According to the MAGA Inc. Super PAC report filed with the FEC, Gemini Trust Company made two separate Bitcoin transfers on June 19. Each contribution was valued at more than $5 million, bringing the total disclosed amount to $10 million.

The filing indicates that MAGA Inc. may use the funds for independent expenditures supporting Trump. Super PACs can influence elections indirectly by funding advertising and other political activity, but they cannot coordinate directly with candidates.

The June 19 contributions were made about three weeks after the CFTC and Gemini jointly filed a motion in federal court seeking to revisit a settlement from January 2025. In the earlier enforcement action, the CFTC alleged that Gemini made false or misleading statements during the 2017 self-certification process for a Bitcoin futures contract, including representations about the exchange's ability to prevent manipulation through its trading systems. The joint motion seeks reversal of that settlement in the US District Court for the Southern District of New York. Joint motions to undo enforcement settlements are relatively uncommon, as agencies typically defend settlements they have negotiated.

When the CFTC and Gemini filed the joint motion, Cointelegraph reported that CFTC Chair Michael Selig said the enforcement action brought during the Biden administration “politically targeted” the Winklevosses. The dispute therefore centers not only on the legal interpretation of Gemini’s statements, but also on whether the regulator’s enforcement posture should be viewed as politically motivated.

Court decision remains pending

Although the joint motion was filed in May, Cointelegraph reported that no decision has yet appeared on the public docket. The court has therefore not yet indicated whether it will reverse the settlement.

Cointelegraph also reported that it contacted the CFTC and Avi Perry, counsel for Gemini, for comment on the $10 million contribution, but did not receive an immediate response. In June, however, a CFTC spokesperson addressed the penalty issue, saying both sides “agreed that the $5 million penalty will not be returned to Gemini” if the court grants relief.

That detail separates the legal outcome from the immediate financial impact. Even if the settlement is overturned, the agency’s position, as relayed by its spokesperson, indicates that the $5 million penalty would not be returned to Gemini. The court fight may therefore affect the regulatory record or precedent more directly than the transfer of funds already paid.

The case is unfolding as US crypto regulation continues to develop, including questions about how regulators evaluate statements made to markets and how those statements are translated into enforcement actions.

Winklevoss political activity includes multiple Bitcoin donations

The MAGA Inc. disclosure adds to a broader record of political involvement by the Winklevoss brothers and Gemini leadership.

Cointelegraph previously reported that Cameron and Tyler Winklevoss each donated $1 million to Trump’s 2024 election campaign and supported the then-candidate through social media posts. After Trump took office in January 2025, the brothers attended a stablecoin payments bill signing ceremony for the GENIUS Act.

They also supported American Bitcoin, a crypto mining venture associated with Trump’s sons, and contributed $21 million in Bitcoin to the Digital Freedom Fund PAC, according to earlier reporting.

Those political activities do not, by themselves, establish a legal connection to the CFTC-Gemini case. They have, however, drawn additional attention to the timing of regulatory actions, court strategy and high-profile political support, particularly as lawmakers debate how independent regulators should remain from political pressures.

Lawmakers question CFTC reversal effort

Members of Congress have criticized the CFTC’s joint approach to seeking reversal of the Gemini settlement. Cointelegraph reported that Senator Elizabeth Warren, in a June letter to CFTC Chair Selig, described the joint motion for reversal and other issues as “concerning signs” that the commission was being influenced by political pressures and aligned interests, rather than guided strictly by the rule of law and a duty to protect investors and market integrity.

The CFTC’s internal structure has also become a policy issue. Cointelegraph noted that Selig remains the only commissioner leading the agency, with no additional nominations announced as of Thursday. The CFTC is normally led by a bipartisan group of five commissioners. A one-person leadership structure can affect enforcement priorities and the pace at which the agency adopts new regulatory approaches.

Many lawmakers have urged the Trump administration to nominate additional CFTC commissioners. That pressure comes as Congress works on crypto market structure legislation, including the Digital Asset Market Clarity (CLARITY) Act. According to Cointelegraph, the legislation is expected to expand the CFTC’s authority to regulate and oversee digital assets, addressing a long-running jurisdictional overlap with the Securities and Exchange Commission (SEC) over whether certain digital assets are classified as commodities or securities.

With the White House not yet announcing further nominations, Selig currently directs the agency’s agenda. The CFTC’s leadership and regulatory posture can influence which enforcement theories are pursued, how compliance expectations are interpreted and how quickly rulemaking advances.

Separately, Cointelegraph reported that MAGA Inc. had received more than $397 million as of June 30. The figure highlights the scale of political fundraising activity during the election cycle, while disclosures such as the June 19 Bitcoin transfers continue to focus attention on the intersection of crypto wealth, regulation and politics.

As the court weighs whether the Gemini settlement should be reversed, the main developments to watch are whether a ruling appears on the docket, how the CFTC frames any reversal if relief is granted and whether the Trump administration announces additional CFTC commissioner nominations. Those developments could shape the next phase of the agency’s crypto oversight.