The US Commodity Futures Trading Commission (CFTC) on May 27 filed a request in a New York federal court to vacate a $5 million consent order against Gemini Trust Company, the crypto exchange founded by Tyler and Cameron Winklevoss [1, 2, 3].
The consent order was originally issued in January 2025 during the final days of the Biden administration. It included a $5 million fine and a permanent injunction barring Gemini from making false or misleading statements to the CFTC in relation to its bitcoin futures business [2, 3]. Gemini had agreed to the terms following a lawsuit by the agency accusing it of such violations [1, 3].
The CFTC is now led by Michael Selig, who was appointed by former President Donald Trump. The Winklevoss brothers donated $1 million each in bitcoin to Trump’s 2024 presidential campaign, raising questions about political influence behind the regulatory reversal [1, 2, 3]. Gemini has joined the agency in petitioning for relief from the 2025 consent order judgment [2, 3].
Tim Massad, a former CFTC chair, called the agency’s request "very unusual" and said past enforcement decisions were made "based on the law and the facts," with cases strong on their merits [2]. In contrast, some commentators point to the regulatory change as part of a pattern of rewarding Trump allies, given the Winklevosses’ campaign donations [3].
Gemini attorney Avi Perry said, "The facts speak for themselves. This case should have never been brought, and we are thankful that the CFTC has joined us in seeking to right this wrong" [2].
The timeline of the case shows the original fine and injunction set in January 2025, with the request to vacate filed yesterday, May 27, 2026 [2, 3]. The New York federal court will now consider the petition asking to undo the $5 million penalty and injunction against Gemini.
The next step is the court’s ruling on the CFTC and Gemini’s joint petition to vacate the consent order.
