CFTC Chief Alleges Political Bias In Gemini Crypto Lawsuit

The chairman of the Commodity Futures Trading Commission (CFTC) has alleged that crypto exchange Gemini was unfairly targeted during the Biden administration, signaling a broader shift in how the Trump administration approaches cryptocurrency regulation.

Speaking to CNBC, CFTC Chairman Michael Selig said federal agencies had been used to pursue politically motivated actions against parts of the crypto industry.

He specifically cited Gemini, the exchange founded by Cameron and Tyler Winklevoss, and said the agency is seeking to correct what he described as past mistakes.

Commodities regulator alleges Winklevoss' Gemini crypto exchange was politically targeted https://t.co/0vPDokLNXO

— CNBC (@CNBC) June 2, 2026

According to CNBC, the CFTC recently asked a federal judge in New York to vacate a January 2025 order that imposed a $5 million penalty on Gemini and barred the company from making false statements to regulators.

The original lawsuit, filed in 2022, alleged Gemini misled regulators in 2017 while seeking approval for a bitcoin futures product. The report said the case centered on claims that the company downplayed potential market manipulation risks.

The latest move reflects the Trump administration’s broader effort to roll back several Biden-era crypto enforcement actions.

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