CFTC chair claims Gemini case was politically motivated, seeks to reverse $5M settlement
CFTC Chair Michael Selig said the Biden administration “politically targeted” Gemini co-founders Tyler and Cameron Winklevoss and other crypto firms through enforcement, calling it “lawfare.” He said the CFTC is trying to return to a neutral enforcement baseline under his leadership and is “starting fresh.” The agency recently asked a federal court to vacate Gemini’s $5 million settlement, which was reached in January 2025 before Trump’s administration. Selig did not discuss the case’s facts, saying it is still active litigation. Former CFTC Chair Timothy Massad called the move to reverse a settled case “extraordinarily unusual.” Selig also leads the CFTC as its sole commissioner after multiple departures. Under his leadership, the agency has taken a strong stance favoring federal commodities law over state restrictions on prediction markets like Kalshi and Polymarket.
