According to a July report filed by the MAGA super political action committee with the Federal Election Commission (FEC), Gemini Trust Company made two bitcoin-form donations, each exceeding $5 million, for a total of $10 million. The disclosure of the donations came about three weeks after the CFTC and Gemini filed a joint motion with the federal court, in an effort to overturn their $5 million settlement agreement.
Gemini’s $10 million Bitcoin donation: FEC report details and timing background
(Source: U.S. Federal Election Commission)
According to the July report filed by MAGA Inc. with the FEC, Gemini Trust Company completed two bitcoin-form donations on June 19, 2026, with each donation exceeding $5 million and for a total of approximately $10 million. The donations were made to MAGA Inc. for its super PAC supporting President Donald Trump.
The timing of this donation closely tracks the joint motion filed by the CFTC and Gemini: according to reports, the joint motion was submitted by lawyers in May to the U.S. District Court for the Southern District of New York; the donations were made about three weeks after the joint motion was filed. Cointelegraph contacted the lawyers for the CFTC and Gemini, Avi Perry, regarding the $10 million donation, and, as of the time of reporting, had not received an immediate response.
Joint motion by the CFTC and Gemini: seeking to overturn the $5 million settlement from Jan. 2025
In the joint motion filed in May, CFTC Chair Michael Selig said the $5 million settlement reached in Jan. 2025 (involving allegations that Gemini issued false or misleading statements) was an enforcement action against the Winklevoss brothers carried out “for political purposes” during the prior Trump administration under former President Biden. A CFTC spokesperson told Cointelegraph in June that both sides “agree that, if the court grants approval, the $5 million penalty will not be returned to Gemini.” As of Thursday, the court had not issued any ruling.
In June, Senator Elizabeth Warren wrote a letter to Selig, saying the joint motion and other factors were “concerning signs” showing that the CFTC was subject to political pressure and the interests of wealthy insiders, failing to protect investors and market integrity.
Political donation history of the Winklevoss brothers
According to the original article, the political donation history of the Winklevoss brothers is as follows:
2024: Each donated $1 million to Trump’s 2024 campaign
June 19, 2026: Donated a total of approximately $10 million in bitcoin via Gemini to MAGA Inc.
Digital Freedom Fund PAC: Donated $21 million in bitcoin to the political action committee (for “supporting the efforts of President Trump and his administration”)
After Trump’s inauguration: Attended the signing ceremony for the stablecoin payments bill in the GENIUS Act
American Bitcoin: Supporting a crypto mining company founded by Trump’s son
CFTC Chair Selig was confirmed by the Senate in Dec. 2025 and remains the only sitting commissioner among the CFTC’s five commissioner seats; as of Thursday, the White House had not announced any nominees for the other seats, giving Selig significant control over the CFTC agenda.
Frequently Asked Questions
Where does information about Gemini’s $10 million bitcoin donation to MAGA Inc. come from?
According to the July report filed by the MAGA Inc. super PAC with the FEC, Gemini Trust Company completed two bitcoin-form donations on June 19, 2026, each exceeding $5 million, for a total of approximately $10 million.
What does the CFTC and Gemini joint motion involve?
According to relevant reports, the CFTC and Gemini filed a joint motion in May with the U.S. District Court for the Southern District of New York seeking to overturn the $5 million settlement agreement reached between the two in Jan. 2025. CFTC Chair Selig said the original settlement was for political purposes; as of the time of reporting, the court had not issued a ruling.
What is the current status of the CFTC’s commission composition?
According to reports, CFTC Chair Michael Selig was confirmed by the Senate in Dec. 2025 and is currently the only sitting commissioner among the CFTC’s five seats; as of July 24, 2026, the White House has not announced any nominees.
