Public Trust Tracker

INV-030 · Money & ethics · Donors and policy

SEC and CFTC back off Gemini; founders give $10M

Stage 2 of 5: Inquiry · Letters and records requests · Last development 15 Oct 2026

The SEC closed an investigation into Gemini, the crypto exchange run by Cameron and Tyler Winklevoss, in February 2025 and dismissed its Gemini Earn lawsuit in January 2026. On 2026-05-27 the CFTC joined Gemini in asking a court to vacate the prospective parts of a January 2025 consent order (which included a $5 million penalty), saying the 2022 complaint should not have been filed. On 2026-06-19 the twins gave about $10 million in bitcoin to MAGA Inc., the pro-Trump super PAC, according to FEC records reported by several outlets.

The donation came about three weeks after the CFTC's motion, not before it as the CLC report states. Timing is a reported correlation; no official finding links the donations to the agencies' decisions. FEC records were not directly accessible for this check; the figures come from news reports of the filing. The Washington Post says its donor-list reporting does not establish a connection between gifts and government actions.

Cameron Winklevoss
People
Cameron Winklevoss, Tyler Winklevoss, Michael Selig
Agencies
SEC, CFTC
Reviewed by
SEC, CFTC, Senate Democrats, Federal court (S.D.N.Y.)

Money involved

  • $10.02 million Winklevoss twins to MAGA Inc. (bitcoin) (Donations from people with business before the government) [7]
  • $5.05 million Winklevoss twins to the White House ballroom (bitcoin) (Donations from people with business before the government) [9]

Timeline

  1. The Post's donor list shows Tyler and Cameron Winklevoss gave bitcoin worth $5,050,018 to the White House ballroom. They did not respond to the Post. [9]

  2. Judge Alvin Hellerstein (S.D.N.Y.) rejects the CFTC and Gemini's joint request to undo the January 2025 consent order, writing that "neither of these arguments provide sufficient grounds for relief." The $5 million penalty, already paid, and the injunction stay in place. [10]

  3. Cointelegraph reports no court ruling on the motion to vacate has been posted; Sen. Elizabeth Warren had criticized the motion in a June letter to Selig. [8]

  4. MAGA Inc.'s monthly FEC report disclosing the donations becomes public. [6]

  5. Cameron and Tyler Winklevoss each give about $5 million in bitcoin (about $10.02 million total) to MAGA Inc., according to FEC records reported by news outlets. [7]

  6. CFTC joins Gemini in a motion to vacate the prospective provisions of the 2025 consent order, saying the complaint 'should not have been filed', relied on a whistleblower 'known to be lacking in credibility', and that staff 'improperly influenced' its authority to gain settlement leverage. The $5 million penalty will not be returned. [3]

  7. SEC and Gemini file a joint stipulation dismissing the Gemini Earn case with prejudice; the SEC cites the full in-kind return of Earn investors' assets and other settlements. [2]

  8. Former CFTC nominee Brian Quintenz alleges Tyler Winklevoss lobbied Trump against his nomination after he declined to take sides on the Gemini case; Trump withdraws the nomination in favour of Michael Selig, now CFTC chairman. [5]

  9. Gemini files a complaint with the CFTC Inspector General alleging an 'abusive investigation and lawfare'. [4]

  10. Cameron Winklevoss says the SEC has closed its investigation into Gemini without enforcement action. [1]

  11. Gemini agrees to a consent order with the CFTC and pays a $5 million penalty, weeks before Trump takes office. Around the same time the twins give over $1 million to MAGA Inc.; earlier $1 million bitcoin donations each to Trump's 2024 campaign were refunded for exceeding legal limits. [5]

  12. SEC sues Genesis Global Capital and Gemini over the Gemini Earn program. [2]

  13. CFTC sues Gemini, alleging it made false or misleading statements to the agency in 2017 about the risk of manipulation of a bitcoin futures contract. [4]

Responses

  • CFTC: Said enforcing the order's prospective provisions serves neither its mission nor the public interest, and that its findings 'call into question the CFTC's enforcement process in this instance.' [3]
  • CFTC Chairman Michael Selig: Said the prior administration 'politically targeted' the Winklevoss twins. [8]
  • Cameron Winklevoss: On the SEC closing its probe in February 2025, said it 'does little to make up for the damage this agency has done to us, our industry, and America.' [1]
  • Winklevoss twins / Gemini: Did not respond to The Lever's request for comment on the donations; Gemini's counsel did not immediately reply to Cointelegraph. [6]
  • White House: Pushed back on a May 2026 New York Times investigation into CFTC decisions involving Gemini and others, saying there were no conflicts of interest. [4]

Who is acting on it

  • Lawsuit CFTC (2022 lawsuit): Suit over Gemini's statements to the CFTC (Jun 2022, What happened next)
  • Lawsuit SEC (2023 lawsuit): Suit over the Gemini Earn program (12 Jan 2023, What happened next)
  • Letter Sen. Elizabeth Warren (D-MA): Criticized the CFTC's motion in a letter to Chairman Selig (Jun 2026, No reply or result recorded yet)

Sources

  1. The Block, 26 Feb 2025
  2. SEC Litigation Release 26465, 23 Jan 2026
  3. CFTC Release 9236-26, 27 May 2026
  4. The Block, 28 May 2026
  5. CNN (via Local 3 News), May 2026
  6. The Lever, 20 Jul 2026
  7. CryptoSlate, 21 Jul 2026
  8. Cointelegraph, 23 Jul 2026
  9. Washington Post via Spokesman-Review, 15 Oct 2026
  10. Bloomberg News via Bloomberg Tax, 15 Oct 2026
  11. CoinDesk, 16 Oct 2026

Cite this case

Public Trust Tracker. "SEC and CFTC back off Gemini; founders give $10M" (INV-030). Last updated 15 Oct 2026. https://publictrusttracker.org/case/inv-030-sec-and-cftc-back-off-gemini-founders-give-10m/

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