Gemini sends $10M in Bitcoin to Trump PAC as CFTC relief is reviewed

Gemini Trust Company transferred more than $10 million in Bitcoin to MAGA Inc., a Trump-supporting super PAC. U.S. Federal Election Commission records show two Bitcoin donations on June 19, each above $5 million. For crypto traders, the key context is regulatory timing. In late May 2026, Gemini and the U.S. Commodity Futures Trading Commission (CFTC) jointly asked a New York federal court to vacate the “continuing terms” of a January 2025 consent order. That order included a $5 million civil penalty and a permanent injunction. The motion does not seek repayment of the fine, and the CFTC argued the complaint “should not have been filed” under current enforcement standards. Sen. Elizabeth Warren criticized the move, warning about political influence and CFTC independence, including concerns tied to staffing cuts. As of July 24, the court had not issued a public ruling. Separately, CFTC Chair Michael Selig has said the prior administration “politically targeted” the Winklevoss twins. Net market takeaway: this is not a direct Bitcoin liquidity or derivatives catalyst. The main risk is headline volatility around whether the CFTC’s injunction terms are loosened—something that could shift sentiment toward U.S. exchange enforcement. Traders should focus more on the CFTC case timeline than the political donation amount.