Gemini Exchange has already paid a $5 million fine following the agency’s lawsuit.
The US Commodity Futures Trading Commission has asked a judge to void the consent order it won against Gemini Trust Company. The crypto business, run by twins Tyler and Cameron Winklevoss, agreed to a $5 million fine in early January 2025 after being sued by the CFTC for making false or misleading statements about its Bitcoin operation. Along with a fine, a permanent injunction against making similar statements in the future was agreed. Gemini has jointly filed a petition for relief from the judgment.
The original agreement came in the final days of Joe Biden’s presidency. The CFTC is a different animal under the current administration. Donald Trump has already granted pardons to people who have supported his political and business endeavors, and the Winklevoss brothers each donated $1 million in Bitcoin to his re-election campaign in 2024. While Gemini fines have already been paid and the CFTC has clearly stated that the company will not refund those penalties, this latest move carries more symbolic weight than financial weight. It is the latest example of the federal government rewarding the president’s associates, regardless of how much actual harm they have done.
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