CFTC chairman says Biden administration targeted Gemini

U.S. Commodity Futures Trading Commission (CFTC) Chairman Michael Selig claimed in an appearance on CNBC's Squawk Box that there was a targeted investigation into the Gemini exchange under the previous presidential administration. He stated that the Biden administration had weaponized federal agencies to suppress numerous industries, including virtual assets. Selig added that it was unacceptable for the administration to have made political targets of figures like the Winklevoss twin brothers. Last week, the CFTC filed a motion in a New York federal court to rescind a $5 million fine levied against Gemini in January 2025.