The Gemini exchange has already paid a $5 million fine following the agency’s lawsuit.
The U.S. Commodity Futures Trading Commission has asked a judge to overturn a consent order it won against Gemini Trust Company. The crypto firm, 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 operations. Along with the fine, he agreed to a permanent injunction against any similar statements in the future. Gemini jointly filed a motion for relief from the judgment.
The initial settlement was reached in the final days of Joe Biden’s presidency. The CFTC is a different beast under the current administration. Donald Trump has already pardoned people who supported his political and business efforts, and each of the Winklevoss brothers donated $1 million in bitcoin to his 2024 election campaign. With the Gemini fines already paid and the CFTC explicitly stating that the company will not have these penalties returned, this latest move carries more symbolic than financial weight. It’s the latest example of how the federal government rewards the president’s allies, regardless of the actual harm they may have caused.
