Gemini Trust Company sent more than $10 million in Bitcoin to MAGA Inc., a super political action committee supporting President Donald Trump, according to a July Federal Election Commission filing.

The filing lists two Bitcoin contributions made on June 19, each valued at more than $5 million. MAGA Inc. may use the funds for independent expenditures that support Trump, but super PACs cannot donate directly to candidates or coordinate communications with them.

Winklevoss Twins Donated $10 Million From Bitcoin Sale to Trump Super PAC pic.twitter.com/LauOTIBGES — Andres Vilariño 🇪🇦 (@andresvilarino) July 23, 2026

The transfers occurred about three weeks after Gemini and the U.S. Commodity Futures Trading Commission filed a joint motion in federal court in New York seeking to vacate the continuing terms of a January 2025 consent order. Public records do not show that the donations influenced the CFTC’s decision, and neither Gemini nor the agency has publicly connected the two events.

The contributions underscore how major crypto exchanges have become increasingly active political donors as the industry faces overlapping regulatory regimes at the CFTC and SEC, with jurisdictional boundaries still being contested in Congress.

FEC filing records two Bitcoin contributions

MAGA Inc. disclosed the Bitcoin payments in its monthly report covering June. The filing identifies Gemini Trust Company as the contributor and records both contributions on June 19.

By June 30, MAGA Inc. had reported more than $397 million in total receipts, according to reports citing the filing. The committee is structured as a super PAC, meaning it can accept unlimited corporate contributions for independent political spending but cannot contribute directly to candidates.

The contributions add to earlier political support for Trump and pro-crypto organizations from Cameron and Tyler Winklevoss, Gemini’s co-founders. Each brother gave $1 million in Bitcoin to Trump’s 2024 campaign. They later donated $21 million in Bitcoin to the Digital Freedom Fund, a political action committee created to support the administration’s crypto policy goals.

CFTC seeks relief from Gemini consent order

The CFTC sued Gemini in June 2022, alleging 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 January 2025 consent order required Gemini to pay a $5 million civil penalty and imposed a permanent injunction. On May 27, 2026, the CFTC joined Gemini’s request for relief from that judgment, asking the court to remove the order’s future-facing obligations. The injunction’s continuing provisions typically require ongoing compliance certifications and reporting, meaning vacating them would reduce Gemini’s regulatory burden under that specific order.

In the joint motion, the CFTC said a later review found that the complaint “should not have been filed” under the agency’s current enforcement standards. The agency cited questions about the evidence, a whistleblower’s credibility and staff conduct during the investigation.

The motion does not seek repayment of Gemini’s fine. The CFTC said both sides agreed that the $5 million “will not be returned to Gemini.” The requested relief applies to the continuing provisions of the order, including the injunction.

As crypto.news reported in May, the regulator said maintaining those terms would not be equitable. No public ruling on the Gemini-CFTC motion had appeared by July 24.

Warren questions CFTC independence

Senator Elizabeth Warren challenged the reversal request in a June 5 letter to CFTC Chair Michael Selig. Warren linked the matter to broader concerns about staffing cuts, reduced enforcement activity and contacts between the regulator and crypto or prediction-market firms.

Warren described the developments as “concerning signs of a CFTC beholden to political pressures and interests of the wealthy insiders.”

The letter states Warren’s position and does not prove that Gemini’s political contributions shaped the agency’s action. The CFTC said its decision followed a review of the investigation, the evidence, litigation tactics and current policy. The agency also said Gemini had been a fraud victim and that the earlier complaint relied heavily on an account that lacked credibility.

Warren renewed her scrutiny on July 22, asking the Government Accountability Office to examine CFTC staffing cuts and their effect on enforcement. Her office said the CFTC workforce had fallen by about 25% since January 2025.

The CFTC’s current website lists Selig as its only commissioner, although federal law provides for a five-member commission. A single-commissioner structure has historically been unusual for the agency and has drawn attention from lawmakers in both parties regarding its capacity to carry out expanded responsibilities.

Crypto election spending rises in 2026 cycle

Gemini’s contribution came during a period of increased 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.

Public Citizen said that amount represented about 37% of the corporate political contributions tracked during the cycle. Several large crypto firms have funded PACs supporting candidates from both major parties.

Fairshake and related committees have received backing from Coinbase, Ripple and other companies. MAGA Inc. has also attracted contributions from Gemini and other technology or crypto businesses.

The spending is taking place as Congress considers the CLARITY Act, which could give the CFTC a larger role in digital asset oversight. Lawmakers continue to debate the agency’s staffing, authority and leadership structure before expanding its responsibilities. If passed, the bill would formally split digital asset jurisdiction between the CFTC and SEC based on criteria such as whether a token’s network is sufficiently decentralized.

The court has not publicly resolved the Gemini-CFTC motion. The Bitcoin transfers remain separately disclosed political contributions. Gemini has already paid the $5 million penalty, and its agreement with the CFTC prevents the return of that money even if the judge removes the consent order’s continuing restrictions.