CFTC Chair Michael Selig moves to vacate a January 2025 settlement with Gemini, citing potential political targeting of the crypto exchange.
The Commodity Futures Trading Commission has asked a federal court to reverse its $5 million settlement with Gemini, reached in January 2025 under prior leadership. The move follows claims by current CFTC Chair Michael Selig that the case may have been politically motivated, though details remain undisclosed due to ongoing litigation.
Gemini co-founders Tyler and Cameron Winklevoss, who each donated $1 million to former President Trump’s 2024 campaign, have since attended White House events, including the signing of the GENIUS Act. Former CFTC Chair Timothy Massad called the reversal attempt “extraordinarily unusual” for a settled case.
The CFTC has not commented further, and Gemini has yet to respond to requests for clarification. The agency, now led solely by Selig, has also prioritized federal oversight of prediction markets, challenging state-level restrictions.