NEW YORK TIMES · 2026-10-16 00:35 UTC

Judge Refuses to Reverse Penalties Against Crypto Firm With Ties to Trump Family

A federal judge refused to reverse a $5 million penalty against Gemini Trust, a crypto firm with Trump family ties, rejecting a joint request by Gemini and the CFTC to undo a settlement reached in January 2025. Judge Alvin K. Hellerstein ruled that Gemini's founders willfully misrepresented material facts about the firm's Bitcoin business and that the penalty reflected actual violations, not agency overreach. Gemini's founders, the Winklevoss twins, are major Trump allies who backed his re-election and various business ventures; the CFTC has faced criticism for reducing enforcement actions…

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