Key facts
- CFTC Chair Michael Selig claims the Biden administration politically targeted Gemini and the Winklevoss twins.
- Selig stated the CFTC is seeking to reverse a reported $5 million settlement with Gemini.
- He alleged the Biden administration weaponized federal agencies against the crypto industry.
- Selig aims to reset CFTC enforcement practices, moving away from perceived politicization.
CFTC Chair Michael Selig has asserted that the enforcement action against cryptocurrency exchange Gemini, founded by Cameron and Tyler Winklevoss, was politically motivated under the Biden administration. Selig stated that his leadership aims to move the CFTC back to a baseline of enforcement, away from what he described as 'lawfare' and political targeting. He specifically mentioned seeking to reverse a reported $5 million settlement, arguing that federal agencies should not be used to target specific individuals or industries. Selig, a political appointee nominated by Donald Trump, made these claims in a CNBC interview.