Gemini donates $10M in Bitcoin to Trump PAC after CFTC motion

Gemini Trust donated $10M in Bitcoin to MAGA Inc. weeks after seeking to overturn a $5M CFTC settlement, highlighting crypto's rising influence in political funding.

Gemini Trust Company, co-founded by Cameron and Tyler Winklevoss, donated $10 million in Bitcoin to MAGA Inc., a super PAC supporting Donald Trump, according to July filings with the Federal Election Commission. The donation was made in two separate Bitcoin transactions, each exceeding $5 million, on June 19. This significant contribution came about three weeks after Gemini and the US Commodity Futures Trading Commission (CFTC) jointly requested a federal court to reconsider a $5 million settlement from January 2025. The settlement was related to allegations that Gemini made false or misleading statements. CFTC Chair Michael Selig has suggested that previous enforcement actions against Gemini were politically motivated under the Biden administration. Gemini's donation places it among the top institutional donors to MAGA Inc. and highlights the ongoing debate over cryptocurrency's role in political funding and regulatory scrutiny. There is no direct evidence linking the donation to the CFTC case, and neither party has publicly connected the two events.