CFTC Chair Accuses Biden Administration of Politically Targeting Gemini Founders
- CFTC Chair Michael Selig claims the agency under former President Biden “politically targeted” Gemini co-founders Tyler and Cameron Winklevoss.
- Selig stated that the CFTC is reversing a $5 million settlement with Gemini reached in January, asserting it was influenced by political motives.
- The Winklevoss twins each donated $1 million to Trump’s campaign and have participated in White House events related to cryptocurrency.
- Former CFTC Chair Timothy Massad described the attempt to reverse a settled case as “extraordinarily unusual.”
- Under Selig, the CFTC has also filed lawsuits against states attempting to restrict prediction markets like Kalshi and Polymarket.
Selig’s comments highlight concerns over politicization within federal agencies and their impact on the crypto industry. The reversal of the settlement indicates a shift in enforcement strategy under his leadership.
The CFTC’s actions against Gemini reflect ongoing tensions in regulatory approaches, especially as Selig seeks to address perceived political bias within the agency. This includes efforts to vacate a significant financial settlement reached previously.
