CFTC moves to undo Gemini case as chair alleges political targeting of crypto sector
The Commodity Futures Trading Commission is moving to reverse its January 2025 order against Gemini as the agency reassesses a case tied to the crypto exchange run by the Winklevoss brothers. The step marks the regulator's first public comments since seeking last week to vacate the order, with Chair Michael Selig casting the action as part of a broader reset in crypto enforcement.
Highlights
- CFTC Chair Michael Selig states the agency is vacating its enforcement action against Gemini, calling it a product of aggressive political targeting under Biden.
- The CFTC filed last week to vacate the January 2025 order against Gemini, signaling a strategic shift in digital asset enforcement.
- Selig's comments position the Gemini case as part of a wider CFTC review on whether past crypto enforcement actions unduly targeted industry participants.
CFTC stance on Gemini enforcement
As reported by CNBC, CFTC Chair Michael Selig says the agency's enforcement action against Gemini was part of a wider campaign against the crypto industry under former President Biden. In remarks on CNBC's "Squawk Box" on Tuesday, he says the regulator is correcting what he describes as a flawed case and starting over.Selig says the Biden administration weaponized federal agencies against the crypto industry and other sectors. He also says people such as the Winklevoss twins were politically targeted, adding that the agency should not be used to engage in lawfare.
Implications for crypto oversight
The comments are the first from the agency since it moved last week to vacate the January 2025 order against Gemini. That filing signals a potential shift in how the CFTC approaches past enforcement actions involving digital asset companies.Gemini is run by the Winklevoss brothers, and the dispute has become part of a broader debate over whether U.S. regulators treated crypto firms as enforcement targets rather than supervised market participants. Selig's remarks suggest the agency is positioning the Gemini matter as an example of a wider review of prior crypto cases.
In our earlier coverage of Andrew Left’s securities fraud conviction, we explained how prosecutors argued his public market commentary to followers conflicted with his actual trading, raising the bar for liability tied to influential posts. The verdict was seen as a precedent that could increase regulatory scrutiny of market-moving online commentary and reshape how traders and influencers disclose positions and intentions.
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