Commodities regulator alleges Winklevosses' Gemini crypto exchange was politically targeted

The head of the U.S. Commodity Futures Trading Commission (CFTC, a government agency that oversees derivatives markets) says the agency is reversing a January 2025 enforcement action against Gemini, a crypto exchange run by the Winklevoss brothers, claiming the action was politically motivated rather than based on facts. The CFTC had previously ordered Gemini to pay a $5 million penalty and stop making false statements to regulators, based on allegations from a 2022 lawsuit that the company misrepresented how a bitcoin futures product (a contract to buy or sell bitcoin at a future date) could be manipulated.