Update (July 24, 5:10 pm UTC): This article has been updated to clarify the source of the MAGA Inc. contribution.

Gemini co-founders Cameron and Tyler Winklevoss transferred $10 million in Bitcoin (BTC) to a super political action committee (PAC) supporting President Donald Trump, coinciding with a court's anticipated review of a joint motion to reverse a $5 million settlement between the cryptocurrency exchange and the US Commodity Futures Trading Commission (CFTC).

According to the MAGA Inc. Super PAC's July report to the Federal Election Commission (FEC), filed on Monday, the Winklevoss twins — through the Gemini Trust Company — made two separate Bitcoin contributions of more than $5 million each on June 19. The PAC may use the donation for independent expenditures in support of Trump.

The contributions were recorded approximately three weeks after the CFTC filed a joint motion with Gemini in federal court seeking to reverse a January 2025 settlement related to allegations that the company made false or misleading statements. CFTC Chair Michael Selig stated at the time that the agency under former US President Joe Biden had "politically targeted" the Winklevosses through enforcement actions.

Beyond the recent MAGA Inc. donations, each Winklevoss brother previously contributed $1 million to Trump's 2024 election campaign and voiced support for the then-candidate on social media. Since Trump assumed office in January 2025, the twins have attended the signing ceremony for the stablecoin payments bill known as the GENIUS Act, backed the President's sons' crypto mining venture American Bitcoin, and contributed $21 million in Bitcoin to the Digital Freedom Fund PAC to "support President Trump and his administration's efforts" on crypto policy. The donations form part of a broader wave of crypto industry political spending that has exceeded $189 million in the 2026 US election cycle alone, according to a recent report.

Related: Crypto companies have spent $189M so far on 2026 US election cycle: Report

Since attorneys submitted the joint CFTC-Gemini motion to the US District Court for the Southern District of New York in May, no decision has been posted to the public docket. Cointelegraph 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 parties "agreed that the $5 million penalty will not be returned to Gemini" if the court grants the reversal.

In a June letter to Selig, Senator Elizabeth Warren described the joint motion for reversal and related factors as "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."

As of June 30, MAGA Inc. reported total receipts exceeding $397 million.

Selig Remains Sole CFTC Commissioner with No New Nominations

Selig, a Republican confirmed by the US Senate in December 2025, remains the sole commissioner at the CFTC — an agency typically led by a bipartisan panel of five commissioners. Numerous lawmakers have urged Trump to put forward additional nominations for the financial regulator as Congress weighs comprehensive crypto market structure legislation known as the Digital Asset Market Clarity (CLARITY) Act. The bill is expected to grant the CFTC substantial authority over the regulation and oversight of digital assets, significantly expanding the agency's role at a time when its leadership structure remains incomplete.

As of Thursday, the White House had not announced any CFTC commissioner nominations, leaving Selig to largely steer the agency's agenda independently.

Magazine: Here's why the CLARITY Act's ethics deal may be so hard to reach