Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, may have been politically targeted under the Biden administration, according to current Commodity Futures Trading Commission Chairman Michael Selig.

"Politically Targeted"

Speaking on CNBC's Squawk Box, Selig said the CFTC is attempting to reverse what he described as a flawed enforcement action against Gemini.

The comments mark one of the strongest criticisms yet from a Trump-era regulator against prior U.S. crypto enforcement actions.

"The Biden administration weaponized the federal agencies against the crypto industry," Selig said. "They politically targeted people like the Winklevoss twins, and that's not acceptable."

The remarks follow the CFTC's request last week asking a federal judge in New York to vacate a January 2025 order against Gemini. The order included a $5 million penalty and an injuction against allegedly false statements to regulators.

The enforcement action was finalized during the final weeks of former President Joe Biden's administration.

Going To Start Fresh

Selig's remarks could signal a broader policy reset across federal crypto oversight agencies as Washington pivots away from regulation-by-enforcement strategies.

The case also highlights how deeply crypto regulation became intertwined with U.S. politics during the last election cycle, especially as major industry players increasingly aligned with pro-crypto political candidates.

"We're righting those wrongs," Selig said. "We're going to start fresh."

Image: Shutterstock