CFTC wants to reverse course on penalty against Winklevoss twins' crypto business
The CFTC is seeking to vacate a consent order against the Gemini Trust Company, which was previously fined $5 million. The Winklevoss twins, who run Gemini, had agreed to the penalty after being sued for misleading statements about their bitcoin operations. This move is seen as more symbolic than financial, reflecting the changing political landscape under the current administration.
- ▪The CFTC has requested a judge to vacate a consent order against Gemini Trust Company.
- ▪Gemini had previously paid a $5 million fine for making false statements about its bitcoin operations.
- ▪The Winklevoss twins have been politically active, donating $1 million in bitcoin to Donald Trump's 2024 campaign.
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Big Tech CFTC wants to reverse course on penalty against Winklevoss twins' crypto business The Gemini exchange already paid a $5 million fine following the agency’s lawsuit. By Anna Washenko May 28, 2026 5:56 pm EST Mark Van Scyoc/Shutterstock The US Commodity Futures Trading Commission has asked a judge to vacate a consent order it won against the Gemini Trust Company. The crypto business, 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 operation. Along with the fine it agreed to permanent injunction against making similar statements in the future. Gemini has jointly filed a petition for relief from judgment.
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