U.S. regulator moves to withdraw $5 million penalty against Winklevoss' crypto exchange

Gemini Co-founders Tyler Winklevoss and Cameron Winklevoss attend the company's IPO at the Nasdaq MarketSite in New York City, U.S., Sept. 12, 2025. Jeenah Moon | Reuters The U.S. Commodity Futures Trading Commission asked a judge on Wednesday to vacate the agency's $5 million penalty against a cryptocurrency exchange founded by twin brothers who donated to President Donald Trump's election campaign in 2024. The CFTC said regulators should never have accused Tyler and Cameron Winklevoss' Gemini Trust Company of making false statements in connection with its bitcoin futures business. Gemini settled the CFTC charges in January 2025 during the final weeks of President Joe Biden's administration, paying a $5 million penalty and agreeing to an injunction that would prevent the company from making any false or misleading statements to the CFTC. But Gemini and the CFTC have now agreed that the settlement should be vacated, citing the CFTC's changed policy on crypto enforcement under Trump. The Winklevoss brothers each donated $1 million in bitcoin to his election campaign in 2024. …