The article notes that Gemini, the Winklevoss twins’ crypto trading platform which recently filed to go public, continues to offer a crypto-backed credit card amidst a broader industry surge driven by pro-crypto policies. This product offering reflects a routine business expansion without clear political or authoritarian overtones.

The Commodity Futures Trading Commission announced that Gemini Trust Company, LLC violated the Commodity Exchange Act by making materially false or misleading statements during its self-certification process regarding a bitcoin futures contract. The U.S. District Court for the Southern District of New York issued a consent order imposing a $5 million civil monetary penalty and a permanent injunction.

Gemini Trust Company, LLC settled a lawsuit with the US Commodity Futures Trading Commission by agreeing to pay a USD 5 million civil penalty over allegations that it made false and misleading statements during meetings in 2017. The settlement, approved in early January 2025, comes after the CFTC's complaint highlighted that Gemini's representations may have been aimed at securing early access to a digital assets futures contract.

Gemini executives Tyler and Cameron Winklevoss donated $1 million each to former President Donald Trump’s campaign, marking one of the first major crypto contributions to an authoritarian-aligned candidate. The move, which was partly framed as a response to Biden administration policies, underscores the company’s active political engagement with far‐right political dynamics.

The Winklevoss twins, who lead Gemini Trust Company, donated $1m each in bitcoin to Donald Trump’s campaign, praising his pro-crypto stance and pledging their vote, while critiquing Biden's policies against crypto.

The New York State Department of Financial Services fined Gemini Trust Company $37M over alleged compliance and safety lapses, with the settlement including customer fund returns through bankruptcy proceedings related to its Earn program. This enforcement action highlights significant deficiencies in the company's adherence to regulatory standards.

New York Attorney General Letitia James filed a lawsuit against Gemini Trust Company alleging that the firm deceived investors by concealing the risks associated with its Gemini Earn program, particularly regarding its association with Genesis. The lawsuit claims that Gemini misrepresented the safety of investments, leading to significant financial losses for thousands of investors.

The SEC charged Gemini Trust Company for facilitating an unregistered offer and sale of crypto asset securities through its Gemini Earn lending program. The program enabled retail investors to lend their crypto assets without proper regulatory registration, resulting in halted withdrawals and exposing investors to substantial risks.