Twins, Trade, and Tribulations: The Winklevoss-CFTC Saga
The U.S. Commodity Futures Trading Commission (CFTC) seeks to retract a $5 million penalty on the Gemini Trust Company, founded by the Winklevoss twins. The settlement, initially agreed under the Biden administration, cited false statements regarding Gemini's bitcoin futures but is being challenged due to changed enforcement policies.
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False Statements By Dietrich Knauthnew York | Updated: 28-05-2026 07:31 IST | Created: 28-05-2026 07:31 IST
The U.S. Commodity Futures Trading Commission (CFTC) on Wednesday requested a judge vacate the $5 million penalty previously issued against Gemini Trust Company, a cryptocurrency exchange founded by the Winklevoss twins.
This move comes amid evolving enforcement policies under President Trump's administration. The penalty stems from alleged false statements concerning Gemini's bitcoin futures business.
In a joint court filing, both parties expressed that the settlement should be nullified, asserting that the CFTC resorted to 'inappropriate tactics' driven by an unreliable whistleblower account.
(With inputs from agencies.)
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