CFTC Chair Selig Seeks to Vacate $5M Gemini Settlement, Calls Biden Enforcement 'Political Targeting'

According to a Tuesday CNBC interview, CFTC Chair Michael Selig said the Biden administration politically targeted crypto firms, including Gemini co-founders Tyler and Cameron Winklevoss. "The Biden administration weaponized federal agencies against the crypto industry," Selig stated. "They politically targeted people like the Winklevoss twins, and that's not acceptable."

The remarks followed the CFTC's move to vacate its $5 million settlement with Gemini, which was reached in January 2025 before the Trump administration took office. Selig acknowledged being a political appointee but argued that reversing prior enforcement actions was necessary to correct political overreach, though he declined to discuss underlying case details citing ongoing litigation.