CFTC seeks to void Gemini penalty as Trump-era crypto stance shifts

The US Commodity Futures Trading Commission has asked a judge to vacate the Biden-era $5 million penalty against Gemini Trust Company, the crypto exchange run by Tyler and Cameron Winklevoss, arguing the investigation relied on a whistleblower account the agency now deems uncredible and that Gemini was a victim of fraud. Gemini settled the 2022 charges before Trump took office, and while the CFTC seeks to erase the penalty, Gemini and the agency say the $5 million will not be refunded. The move underscores a shift toward a more permissive crypto policy associated with the Trump era. The Winklevoss twins, prominent Trump donors, had previously donated over $1 million to Trump’s super PAC and later contributed to Maga Inc. before his inauguration.