Michael Selig, the chairman of the CFTC, stated in a CNBC interview that the agency is correcting a flawed enforcement action against Gemini, which was initiated in 2022. The CFTC had accused Gemini of making false statements while seeking approval for a bitcoin futures product, leading to a $5 million penalty and an injunction against the company.
Selig emphasized that the agency should not be used for political targeting, asserting that such actions will not occur under his leadership or in the future. This development comes as part of a broader effort by the Trump administration to roll back enforcement actions taken during Biden's presidency, particularly those affecting the crypto sector.
The case against Gemini has drawn attention due to the Winklevoss brothers' significant contributions to Trump's 2024 campaign, highlighting the intersection of politics and regulatory actions in the crypto space