The U.S. Commodity Futures Trading Commission (CFTC) has asked a judge to vacate its $5 million penalty against Gemini Trust Company, a cryptocurrency exchange founded by Tyler and Cameron Winklevoss.
The Winklevoss brothers each donated $1 million in bitcoin to President Donald Trump's 2024 election campaign.
The CFTC said regulators should never have accused Gemini of making false statements. The settlement was reached in January 2025 under the Biden administration.
However, the CFTC and Gemini now agree the settlement should be rescinded, citing changed policy on crypto enforcement under Trump.
The joint filing claims the CFTC used inappropriate tactics to extract a settlement from Gemini.
