Commodity Futures Trading Commission (CFTC) Chairman Michael Selig has openly accused the Biden administration of pursuing enforcement actions that were "politically targeted" against the co-founders of cryptocurrency exchange Gemini. He says he is now working to correct how those cases were handled.
Under Selig's leadership, the CFTC last week asked a federal court to vacate a $5 million settlement with Gemini that was reached in January 2025, just before the Trump administration took over the commission.
Enforcement Slams as 'Politicized'
Selig's remarks directly fault his predecessor's regulatory approach, contending that the actions against Gemini co-founders Tyler and Cameron Winklevoss were not purely based on regulatory grounds but driven by political motives. The CFTC is seeking to restore what Selig describes as a depoliticized enforcement process.
Winklevoss Twins' Close Ties to Trump Camp
Both Tyler and Cameron Winklevoss each donated $1 million to Donald Trump's 2024 presidential campaign and have made multiple appearances at White House events. They also attended the signing ceremony of the stablecoin-related GENIUS Act, underscoring their close relationship with the Trump administration.
The political donation backdrop adds complexity to the CFTC's move to unwind the settlement. Observers note that the settlement had been struck on the cusp of the administration change, and Selig's push for reversal comes as a notable early action by the new CFTC leadership.