Gemini Trust Company donated two Bitcoins totaling over $10 million to MAGA Inc., a super PAC that supports U.S. President Donald Trump. Documents disclosed by the Federal Election Commission in July show that both donations occurred on June 19, with each exceeding $5 million.
This donation comes just three weeks after Gemini and the U.S. Commodity Futures Trading Commission (CFTC) jointly filed a motion in a New York federal court. Both parties requested the judge to overturn the continuing restrictions in the January 2025 settlement order, but the $5 million civil penalty already paid will not be refunded.
FEC documents disclose two Bitcoin donations.
MAGA Inc. listed the two donations in its monthly report covering June, specifying the donor as Gemini Trust Company. According to data from filings cited by foreign media, the committee had raised over $397 million as of June 30.
Super PACs can accept unlimited corporate donations for independent spending to support candidates, but they cannot donate directly to candidates or coordinate campaigns with them.
Gemini's latest move continues the Winklevoss brothers' support for Trump and pro-crypto political groups. Previously, Cameron and Tyler Winklevoss each donated $1 million worth of Bitcoin to Trump's 2024 campaign, and later donated $21 million worth of Bitcoin to the Digital Freedom Fund, which supports government crypto policies.
CFTC seeks to revoke certain terms of the settlement order
In June 2022, the CFTC sued Gemini, accusing it of making false or misleading statements during its application for approval of Bitcoin futures products. Gemini reached a settlement with the regulator in January 2025, but neither admitted nor denied the allegations. The settlement required Gemini to pay a $5 million fine and accept a permanent injunction.
On May 27, 2026, the CFTC reversed its decision, supporting Gemini's request to remove the forward-looking restrictions in the ruling. The regulator stated that, upon review under current enforcement standards, it believed the lawsuit "should not have been brought." Reasons included issues with evidence, the whistleblower's credibility, and questionable conduct by staff during the investigation.
However, the joint motion did not require the return of the fine. The CFTC stated that both parties agreed that the $5 million "will not be returned to Gemini." As of July 24, the court had not yet made a public ruling.
Political donations and regulatory independence are once again under scrutiny.
On June 5, U.S. Senator Elizabeth Warren sent a letter to CFTC Chairman Michael Selig, questioning the request to withdraw the application. She linked the matter to agency layoffs, enforcement downsizing, and regulators' engagement with crypto companies and prediction market firms, suggesting that these developments indicate the CFTC may be under political pressure and influenced by wealthy interest groups.
However, existing public records do not prove that Gemini's political donations influenced the CFTC's decision, nor have either party publicly linked the two events directly. The CFTC stated that the change in position stemmed from a re-examination of the investigation process, evidence, litigation strategy, and current policies, and claimed that Gemini itself was a victim of fraud, and that the earlier prosecution relied heavily on the testimony of an unreliable witness.
Meanwhile, political spending by the crypto industry continues to rise in the 2026 US election cycle. Public Citizen estimates that as of the end of June, crypto-related political donations totaled approximately $189 million, accounting for about 37% of the total corporate political donations tracked in this cycle. These flows are coming under increasing scrutiny as Congress continues to debate the CLARITY Act and consider expanding the CFTC's responsibilities in regulating digital assets.
