Gemini has sent $10 million worth of Bitcoin to a political action committee supporting Donald Trump, according to a filing made public this week. The donation came after the exchange and the Commodity Futures Trading Commission (CFTC) filed a joint motion in a related legal matter.
The Bitcoin Donation
The contribution, made in Bitcoin, can be used to support Trump's campaign. It marks one of the largest known crypto donations to a federal political committee this cycle. Gemini did not comment on the timing of the transfer.
The CFTC Settlement Under Review
Separately, a New York court is considering whether to reverse a $5 million settlement between the CFTC and Gemini. The settlement, reached earlier this year, resolved allegations related to Gemini's past conduct. The joint motion filed by both parties preceded the donation, though the exact connection between the two actions remains unclear.
The court has not set a date for a ruling on the settlement reversal. The Trump PAC can now use the Bitcoin for campaign expenses, subject to federal election laws. The case highlights the growing intersection of crypto finance and political fundraising.
