What did CFTC Chair Michael Selig say about the Gemini case?

CFTC Chair Michael Selig said the agency is seeking to reverse a previously settled enforcement action against Gemini. He claimed the exchange and its founders were politically targeted by regulators during the Biden administration.

Why is the CFTC reconsidering its settlement with Gemini?

Selig argued that some past enforcement actions against crypto companies were politically motivated rather than based solely on regulatory concerns. He said the agency is reviewing such cases as part of an effort to adopt what he described as a more neutral enforcement approach.

What was the original Gemini settlement?

The case resulted in a settlement between Gemini and the CFTC in January 2025. According to the CFTC, even if the court approves reversing the settlement, Gemini would not receive back the $5 million penalty already paid.

Why are Cameron and Tyler Winklevoss part of this controversy?

Gemini was founded by Cameron and Tyler Winklevoss, who each donated $1 million to Donald Trump's 2024 presidential campaign. The brothers have also attended White House events since Trump returned to office, drawing attention to potential political implications surrounding the case.

Why is reversing a settled regulatory case unusual?

Former CFTC Chair Timothy Massad said it is "extraordinarily unusual" for a regulator to seek reversal of a case that has already been settled. Regulatory settlements are generally considered final unless there are exceptional circumstances.

How could this affect the crypto industry's relationship with regulators?

The move may signal a broader shift toward a more crypto-friendly regulatory environment under current CFTC leadership. Supporters may view it as correcting past overreach, while critics may see it as increasing political influence over regulatory decisions.

Is this good or bad for Gemini?

A reversal could help Gemini from a reputational perspective by challenging allegations made in the original case. However, the exchange would not recover its $5 million penalty, and the legal process could continue to attract scrutiny.

What does this mean for crypto enforcement in the United States?

The case may indicate a change in how federal agencies approach crypto enforcement actions. Future investigations could place greater emphasis on rulemaking and regulatory clarity rather than aggressive enforcement strategies.

Image for illustrative purposes only. Not a real photo.

CFTC chief seeks Gemini case reversal

Written by Mahathir BayenaPublished Jun. 3 2026Last Updated Jun. 3 2026

US Commodity Futures Trading Commission Chair Michael Selig said the agency is seeking to reverse a previously settled enforcement action against cryptocurrency exchange Gemini, claiming the company was politically targeted under the Biden administration.

In a CNBC interview on Tuesday, Selig said the CFTC is attempting to return to a neutral enforcement approach and alleged that federal agencies had been used to pursue politically motivated actions against crypto firms.

“The Biden administration weaponised the federal agencies against the crypto industry and many other industries,”

Selig said.

Selig specifically cited Gemini co-founders Cameron and Tyler Winklevoss as examples of individuals he claimed were unfairly targeted, adding that the agency was working to correct past actions and “start fresh.”

The remarks relate to a settlement reached with Gemini in January 2025 before the Trump administration took office, with the exchange’s founders later becoming prominent supporters of President Donald Trump through campaign donations and White House appearances.

Former CFTC Chair Timothy Massad described efforts to reverse a previously settled case as “extraordinarily unusual,” while a CFTC spokesperson said any court-approved reversal would not result in the return of Gemini’s $5 million penalty.

The controversy comes as Selig leads the CFTC as its sole commissioner and chair while the agency pursues broader crypto and prediction market policy initiatives amid ongoing vacancies on its five-member leadership panel.