Watchdog Agency Seeks to Reverse Its Win Against Firm Run by Winklevoss Twins
The New York Times • • business
Key Points:
- The Commodity Futures Trading Commission (CFTC) has requested a federal judge to overturn its previous court victory against Gemini Trust, a cryptocurrency firm linked to President Trump’s family investments.
- Gemini had agreed in January 2025 to settle the case by paying a $5 million fine without admitting guilt, after being accused of misleading the CFTC about its Bitcoin business.
- The CFTC criticized its own legal team in a joint filing with Gemini, stating that the evidence was flawed and the lawyers’ conduct did not meet expected standards.
- This development is part of a broader trend under President Trump’s administration, where the CFTC has reduced crypto enforcement, cut staff, and favored firms in cryptocurrency and prediction markets, industries closely tied to the Trump family.
- A recent New York Times investigation highlighted these changes, noting the agency’s diminished oversight and support for sectors important to the Trump family’s investments.