Written by Turner Wright , Staff Writer.Reviewed by Robert Lakin , Staff Editor.
Written by Turner Wright , Staff Writer.
Reviewed by Robert Lakin , Staff Editor.
CFTC chair claims Gemini case was politically motivated, seeks to reverse $5M settlement
Latest NewsPublishedJun 2, 2026
The CFTC chair seeks to roll back an enforcement action on the company founded by Cameron and Tyler Winklevoss, donors to Donald Trump’s 2024 campaign and attendees at White House events.
US Commodity Futures Trading Commission (CFTC) Chair Michael Selig is claiming that the agency under former President Joe Biden “politically targeted” the co-founders of cryptocurrency exchange Gemini through enforcement actions.
In a Tuesday CNBC interview, Selig stated under his leadership, the CFTC was “trying to get back to a baseline” on enforcement, after what he claimed was politicization by the Biden administration. While the Selig acknowledged that he is a political appointee nominated by US President Donald Trump, he claimed that the recently reported staff cuts targeted people “engaging in lawfare.”
“The Biden administration weaponized the federal agencies against the crypto industry and many other industries,” stated Selig. “They politically targeted people like the Winklevoss twins, and that’s not acceptable. We’re righting those wrongs. We’re gonna start fresh. The agency should not be used to engage in lawfare.”
Michael Selig in Tuesday interview. Source: CNBC
Under Selig, the CFTC last week moved for a federal court to vacate the agency’s $5 million settlement with Gemini, which it reached in January 2025 before the commission was under the Trump administration. Gemini co-founders Tyler and Cameron Winklevoss each donated $1 million to Trump’s 2024 election campaign and have since attended White House events with the president, including the signing ceremony for the stablecoin-related GENIUS Act.
“I’m not going to get into the facts, because this is an active investigation, litigation rather,” stated Selig. “But what is crucial here is that to the extent the agency was used to politically target folks, we’re reversing that, and we’re starting fresh.”
Related: CFTC backs crypto perpetual contracts, issues advisory on 24/7 trading
as reported by former CFTC Chair Timothy Massad, it was “extraordinarily unusual” for the agency to attempt to reverse its position on a previously settled case like Gemini’s. Cointelegraph reached out to the CFTC and Gemini for comment but did not receive an immediate response.
Selig leads CFTC policy as the agency’s sole commissioner and chair
Under Selig, the CFTC has taken the position that federal commodities law supersedes individual US states’ authority over prediction market platforms like Kalshi and Polymarket. The commission has filed lawsuits against Minnesota and other jurisdictions attempting to restrict or ban prediction markets.
Source: Polymarket
Selig remains the agency’s sole commissioner following a string of resignations and departures from its leadership in 2025, including former acting chair Caroline Pham. Many US lawmakers have urged Trump to fill the agency’s five-person leadership panel with a bipartisan group of regulators, but the president had not revealed any picks as of Tuesday.
Magazine: HYPE chases $100 target, ETH could dump below $1800: Market Moves
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
- CFTC
- Gemini
- Donald Trump
- Corruption
- Politics
- Enforcement
- Regulation
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