CFTC Chairman seeks to withdraw from the $5 million settlement with Gemini

Michael Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated that the enforcement actions during the Biden administration are "politically targeted" at Gemini co-founder cryptocurrency exchanges and that he is pushing for a correction in the handling of related cases.

Under Michael Selig's leadership, the CFTC last week requested a federal court to withdraw the $5 million settlement reached between the agency and Gemini in January 2025. This settlement occurred before the Donald Trump administration took over the commission. Gemini co-founders Tyler Winklevoss and Cameron Winklevoss had each donated $1 million to Donald Trump's 2024 campaign and attended White House events, including the signing ceremony of the GENIUS Act related to stablecoins.