Commodities regulator alleges Winklevoss' Gemini crypto exchange was politically targeted

The CFTC is withdrawing its enforcement action against Gemini Space Station, the crypto exchange founded by the Winklevoss brothers, alleging it was politically targeted under the Biden administration. Chairman Michael Selig stated the agency was used to engage in lawfare and politically target individuals, asserting that such actions are unacceptable and will not recur. The reversal follows a judicial request in New York and marks the first public statement since the initial allegation. Selig emphasized that federal agencies should not be instruments of political targeting, and the CFTC will restart enforcement with integrity. This shift signals a potential recalibration of regulatory approach toward crypto firms amid broader industry scrutiny.