Gemini sends $10M in Bitcoin to Trump PAC amid CFTC case review

Gemini Trust Company sent more than $10 million in Bitcoin to MAGA Inc., a super political action committee that supports President Donald Trump. Summary Gemini sent two Bitcoin contributions totaling over $10 million to Trump-supporting super PAC MAGA Inc. The donations followed Gemini and CFTC’s joint request to vacate ongoing terms of their settlement. Gemini will not recover its $5 million penalty even if the court grants relief requested. A July Federal Election Commission filing lists two Bitcoin contributions made on June 19, with each valued at more than $5 million. The committee can use the funds for independent spending that supports Trump. The transfers came about three weeks after Gemini and the U.S. Commodity Futures Trading Commission filed a joint motion in a New York federal court. The parties asked the judge to remove the continuing terms of a January 2025 consent order. Available records do not establish that the donation affected the CFTC’s decision, and neither side has publicly linked the events. FEC filing records two Bitcoin contributions MAGA Inc. disclosed the payments in its monthly report covering June. The filing identifies Gemini Trust Company as the co...