{"id":89,"date":"2026-05-28T05:43:00","date_gmt":"2026-05-28T05:43:00","guid":{"rendered":"https:\/\/interstatemovingexpertss.com\/?p=89"},"modified":"2026-05-28T05:43:00","modified_gmt":"2026-05-28T05:43:00","slug":"u-s-regulator-moves-to-withdraw-5-million-penalty-against-winklevoss-crypto-exchange","status":"publish","type":"post","link":"https:\/\/interstatemovingexpertss.com\/?p=89","title":{"rendered":"U.S. regulator moves to withdraw $5 million penalty against Winklevoss’ crypto exchange"},"content":{"rendered":"
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The U.S. Commodity Futures Trading Commission asked a judge on Wednesday to vacate the agency’s $5\u00a0million\u00a0penalty\u00a0against\u00a0a\u00a0cryptocurrency\u00a0exchange\u00a0founded by twin brothers who donated to President\u00a0Donald Trump’s\u00a0election campaign in 2024.<\/p>\n

Read more Trump\u2019s IRS case should be reopened so court can probe possible \u2018fraud,\u2019 ex-judges argue<\/a><\/p>\n

The CFTC said\u00a0regulators should never have accused Tyler and Cameron\u00a0Winklevoss’\u00a0Gemini Trust Company of making false statements in connection with its bitcoin futures business.<\/p>\n

Gemini\u00a0settled\u00a0the CFTC charges in January 2025 during the final weeks of President Joe Biden’s administration, paying a $5\u00a0million\u00a0penalty\u00a0and agreeing to an injunction that would prevent the company from making any false or misleading statements to the CFTC.<\/p>\n

But Gemini and the CFTC have now agreed that the settlement should be vacated, citing the CFTC’s\u00a0changed policy\u00a0on\u00a0crypto\u00a0enforcement under Trump.<\/p>\n

The Winklevoss brothers each\u00a0donated\u00a0$1\u00a0million\u00a0in bitcoin to his election campaign in 2024.<\/p>\n

The CFTC and Gemini said in jointly filed court papers that the settlement should be rescinded and the CFTC had “resorted to inappropriate tactics” to bring a lawsuit and “extract a settlement from Gemini.”<\/p>\n

The CFTC and Gemini said that the agency, under the Biden administration, brought a\u00a0lawsuit\u00a0against\u00a0Gemini based on a whistleblower account that was not credible, and that Gemini was actually the victim of a fraud by the company’s former chief operating officer and two customers who received fraudulent rebates from Gemini.<\/p>\n

Read more Foot Locker returns to growth but weighs on Dick\u2019s Sporting Goods as earnings miss<\/a><\/p>\n

Rather than investigating the fraud\u00a0against\u00a0Gemini, the CFTC investigated Gemini for making allegedly misleading statements about the integrity of its bitcoin futures trading business, according to the joint court filing.<\/p>\n

While the case was pending,\u00a0regulators inappropriately leveraged their power by telling Gemini that it would not receive approval for a new prediction market platform while the CFTC’s enforcement action was pending, according to the court filing. Gemini received approval for its prediction market product, called Gemini Titan, in December 2025.<\/p>\n

It was not clear from the court filing whether Gemini would be refunded for the $5\u00a0million\u00a0penalty, which it already paid. Gemini did not immediately respond to a request for comment late Wednesday.<\/p>\n

The Winklevoss twins first gained public prominence after suing Mark Zuckerberg, alleging he stole their idea for Facebook. They settled in 2008 for cash and stock.<\/p>\n

Trump’s initial pick to lead the CFTC, Brian Quintenz, accused Tyler Winklevoss last year of\u00a0lobbying the White House\u00a0to stall his nomination over the CFTC lawsuit. Trump ultimately withdrew his nomination of Quintenz and named\u00a0Michael Selig\u00a0as the CFTC’s new chair.<\/p>\n

Read more Dell wins a $9.7 billion Pentagon software deal after cozying up to Trump<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The U.S. CFTC asked a judge on Wednesday to vacate the agency’s $5 million penalty against a cryptocurrency exchange founded by the Winklevoss twins.<\/p>\n","protected":false},"author":1,"featured_media":88,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-89","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"yoast_head":"\nU.S. regulator moves to withdraw $5 million penalty against Winklevoss' crypto exchange - Interstate Moving Experts<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/interstatemovingexpertss.com\/?p=89\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. regulator moves to withdraw $5 million penalty against Winklevoss' crypto exchange - 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