The U.S. Commodity Futures Trading Commission (CFTC) has moved to vacate a $5 million settlement with Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss. [1, 2, 17] The settlement, finalized in January 2025 under the Biden administration, resolved allegations that Gemini made misleading statements in 2017 regarding a bitcoin futures product. [1, 15, 17]
The Trump-era CFTC now argues the complaint should never have been filed, citing reliance on a non-credible whistleblower and a new, more permissive approach to crypto enforcement. [2, 8, 17] The reversal comes after the Winklevoss twins, who were major donors to Donald Trump's 2024 campaign, lobbied against the action. [1, 2] While the settlement would be vacated, Gemini has reportedly agreed it will not be refunded the $5 million penalty it already paid. [2]