A federal court is set to review whether a $5 million settlement between the US Commodity Futures Trading Commission (CFTC) and Gemini should be reversed, even as Gemini co-founder Cameron and Tyler Winklevoss have directed substantial Bitcoin donations to political groups supporting President Donald Trump. The latest development comes from a new disclosure by the MAGA Inc. Super PAC.

In a Federal Election Commission (FEC) filing dated Monday, MAGA Inc. Super PAC reported receiving two Bitcoin contributions exceeding $5 million each on June 19—totaling $10 million in BTC—sent by the Winklevoss-run Gemini Trust Company. The donation timing overlaps with the period when the CFTC and Gemini are seeking to revisit the earlier enforcement outcome in federal court.

Key takeaways

• MAGA Inc. Super PAC’s July FEC report says Gemini Trust Company sent two Bitcoin contributions of more than $5 million each on June 19.
• The payments were made about three weeks after the CFTC and Gemini jointly filed a motion to reverse a January 2025 settlement.
• CFTC Chair Michael Selig previously characterized the original enforcement as politically targeted under the prior administration.
• A CFTC spokesperson told Cointelegraph in June that, if the court grants relief, the $5 million penalty would not be returned to Gemini.
• Separately, lawmakers have pushed the Trump White House to nominate additional CFTC commissioners as the agency prepares to oversee broader crypto-market rules.

Bitcoin donations disclosed amid court fight over Gemini settlement

According to the MAGA Inc. Super PAC report filed with the FEC, Gemini Trust Company made two separate transfers of Bitcoin on June 19. Each contribution was valued at more than $5 million, bringing the disclosed total to $10 million.

The filing indicates the super PAC can use the funds for independent expenditures supporting Trump. That matters because super PAC spending can influence elections indirectly—by funding advertising and other political activities—rather than making direct coordination with candidates.

The June 19 contributions came roughly three weeks after the CFTC and Gemini jointly moved in federal court to revisit a settlement dated to January 2025. In that earlier case, the CFTC alleged Gemini made false or misleading statements. The current joint filing seeks a reversal of that settlement in the US District Court for the Southern District of New York.

When the CFTC and Gemini filed their joint motion, Cointelegraph reported that CFTC Chair Michael Selig argued at the time that the enforcement during the Biden administration “politically targeted” the Winklevosses. The broader implication is that the dispute is not only about legal interpretation of statements, but also about whether the CFTC’s enforcement posture should be treated as politically motivated.

What’s known about the CFTC-Gemini motion—and what remains unanswered

While the joint motion was filed in May, Cointelegraph reported that no decision has yet been posted to the public docket. That means the court’s view on whether the settlement should be reversed is still pending.

Cointelegraph also said it reached out to the CFTC and Gemini’s counsel, Avi Perry, for comment on the $10 million contribution but did not receive an immediate response. A CFTC spokesperson, however, provided context in June about the penalty outcome: both sides “agreed that the $5 million penalty will not be returned to Gemini” if the court grants the reversal.

This point is important for market watchers because it separates two possible outcomes. Even if the settlement is overturned, the agency’s position (as relayed by a spokesperson) suggests the immediate financial consequence may not change in Gemini’s favor. In other words, the court fight may affect precedent or regulatory record more than it affects the transfer of funds already paid.

The dispute is occurring as crypto regulation in the US continues to evolve—especially around how regulators determine what constitutes improper statements and how they translate market-facing communications into enforcement actions.

Winklevoss political support spans multiple BTC donations

The MAGA Inc. disclosure is the latest entry in a broader pattern of political involvement by the Winklevoss brothers and Gemini leadership.

Cointelegraph reported that both brothers donated $1 million each to Trump’s 2024 election campaign and supported the then-candidate through social media posts. After Trump took office in January 2025, the twins attended a stablecoin payments bill signing ceremony for the GENIUS Act. They also supported American Bitcoin, a crypto mining venture associated with Trump’s sons, and contributed $21 million in Bitcoin to the Digital Freedom Fund PAC, according to earlier coverage.

These actions do not establish any legal relationship to the CFTC-Gemini case on their own. But they do intensify political attention on the timing and dynamics between regulatory enforcement, court strategy, and high-profile political backing—particularly when lawmakers are already debating the degree of independence regulators should maintain.

Concerns from lawmakers and a CFTC shaped by a lone chair

Criticism of the CFTC’s joint approach to reversal has come from members of Congress. Cointelegraph reported that Senator Elizabeth Warren, in a June letter to CFTC Chair Selig, described the joint motion for reversal and other factors as “concerning signs” of a commission influenced by political pressures and aligned interests, rather than governed strictly by rule of law and a duty to protect investors and market integrity.

At the same time, the CFTC’s internal composition remains a central policy issue. Cointelegraph noted that Selig remains the sole commissioner leading the agency, with no additional nominations announced as of Thursday. The CFTC is usually governed by a bipartisan set of five commissioners, so a one-person board structure can shape both enforcement priorities and how quickly the agency can adopt new regulatory approaches.

Many lawmakers have been urging the Trump administration to nominate additional commissioners. That pressure coincides with congressional work on crypto market structure legislation, including the Digital Asset Market Clarity (CLARITY) Act, which—per Cointelegraph’s reporting—is expected to expand the CFTC’s authority in regulating and overseeing digital assets.

With the White House not yet announcing nominations, Selig effectively directs the agency’s agenda for now. That matters to investors and market participants because the CFTC’s leadership and regulatory posture can influence which enforcement theories are pursued, how compliance expectations are interpreted, and what rulemaking momentum looks like in practice.

Separately, Cointelegraph reported that as of June 30, MAGA Inc. had received more than $397 million. That figure underscores the scale of political fundraising activity around the election cycle, even as individual disclosures like the June 19 BTC transfers keep drawing scrutiny to the intersection of crypto wealth, regulation, and politics.

As the court considers whether the Gemini settlement should be reversed, the key watchpoints are whether the docket produces a ruling soon, how the CFTC frames the reversal in legal terms if relief is granted, and whether additional CFTC commissioner nominations are announced—developments that could determine how aggressively the agency’s crypto oversight evolves next.

Bitcoin may be nearing a more stable trading base, but at least one prominent asset manager says investors shouldn’t pin the next major upside cycle on the same drivers that defined earlier booms. In a new write-up, Bitwise chief investment officer Matt Hougan argues that the next bull market will be powered by deeper TradFi-to-crypto integration—specifically by platforms that can bring crypto’s 24/7 trading features into mainstream financial workflows.

Hougan points to Hyperliquid’s widening footprint and Robinhood’s push into crypto infrastructure as two concrete examples. In parallel, Bitwise data cited by Hougan and a separate X post from Bitwise research head Andre Dragosch suggest that “apparent demand” for BTC may be starting to improve after a prolonged period of weakness.

Key takeaways

• Matt Hougan (Bitwise) says the next crypto bull market is more likely to be driven by TradFi integrations than by purely crypto-native catalysts.
• He highlights Hyperliquid’s growing use cases across conventional assets and product expansion as a sign of broader convergence.
• Hougan sees Robinhood-related infrastructure as another bridge that could help “lift” a wide range of crypto assets.
• Bitwise’s framework for “apparent demand” indicates BTC demand may be “re-accelerating,” even as spot demand remains a recurring concern.

Why Bitwise thinks the next cycle starts in TradFi

Hougan framed his positioning thesis around the idea that the market’s next sustained expansion will come from crypto benefits becoming easier to access for traditional investors. In a blog post published Wednesday, he asked how to begin positioning for what he expects to be a new bull market and answered with a pair of entities he believes represent convergence from opposite directions.

“By looking at two entities that are leading this convergence from opposite sides: Hyperliquid and Robinhood.”

The underlying premise is that crypto’s structure—particularly constant markets and instant settlement—creates advantages that traditional finance has historically lacked. For Hougan, the key question is not whether Bitcoin will bottom, but whether new demand channels will be able to scale once mainstream firms and familiar interfaces adopt crypto trading patterns.

On Hyperliquid, Hougan emphasized that the platform’s activity is not confined to crypto pairs. According to his description, nearly half of Hyperliquid’s volume is tied to “conventional assets like oil, silver, and the S&P 500,” and the venue is reportedly expanding into spot commodities, prediction markets, and options.

That mix matters because it signals an appetite for trading experiences that look and feel familiar while still operating with crypto-native mechanics. If those flows continue to grow, Hougan argues that the effect should reach beyond isolated tokens and instead support the broader sector.

The “rising tide” thesis for majors and crypto equities

Hougan also ties his outlook to the competitive pressure from traditional financial players entering the crypto ecosystem through infrastructure and distribution. He referenced Robinhood’s “Chain layer-2 network” as an example of how legacy finance might become more directly connected to crypto market dynamics.

“I suspect the coming bull market will be big enough to lift most of the sector.”

From there, he lays out a portfolio-style approach: he says he remains bullish on major assets such as Bitcoin, Ethereum, and Solana, while also expressing optimism about crypto equities. The common thread in his argument is that broadening participation tends to support liquidity across the market, not just the most narrative-driven names.

Hougan’s positioning aligns with his broader tone entering 2026. Earlier this year, he argued that the end of the “crypto winter” could arrive sooner than expected, and he maintained that view while markets continued to work through weakness.

BTC: “apparent demand” shows a possible reversal

While Hougan’s thesis focuses on what could power the next cycle, the day-to-day question for traders is whether Bitcoin’s demand backdrop is stabilizing. Cointelegraph previously reported that many market participants were looking for bottoming signals, but also suggested the bear phase could still have months left depending on how spot demand evolves.

In that context, the spotlight has remained on the question of whether spot buying is returning—particularly on shorter time frames where demand can appear fragile even when longer-term conditions are improving.

However, Bitwise is pointing to a different metric that may be shifting. According to an X post on Thursday by Andre Dragosch, Bitwise’s European head of research, BTC “apparent demand” is “re-accelerating.” Dragosch’s post frames the change as a meaningful departure from the prior slowdown.

What “apparent demand” means: it measures the difference between newly mined BTC and the supply that has remained inactive for at least one year. In effect, it provides a way to infer whether recently produced coins are being absorbed rather than circulating from dormant holdings.

That distinction matters for investors because a sustained improvement in apparent demand can indicate that the market is finding new buyers—even if spot volumes are not yet fully convincing across every trading window. Still, the metric is not identical to spot demand, and it won’t resolve instantly the question of where a bottom will form on price alone.

What to watch next as TradFi integration and demand signals collide

Hougan’s argument implies that even if Bitcoin’s near-term chart shows gradual stabilization, the bigger inflection point will likely depend on how quickly mainstream access and crypto trading mechanics begin to reinforce each other. Hyperliquid’s ability to attract volume tied to conventional assets and its expansion into additional derivatives-style products could provide one path, while Robinhood-related ecosystem development is another.

At the same time, BTC investors appear to be watching for whether the “re-accelerating” apparent demand signal persists beyond a short burst. If apparent demand continues to improve while broader spot demand recovers, the market may be closer to a durable transition than “bottom” headlines alone would suggest.

Crypto-related “wrench attacks” continued through the first half of 2026, with 52 verified incidents worldwide and $124.1 million in recorded financial exposure, according to CertiK. 

The total includes stolen funds, ransom demands, frozen assets and other values tied to documented cases, rather than only money confirmed as lost.

The number of attacks rose 33.3% from 39 cases in H1 2025. Recorded financial exposure rose much faster from about $10.5 million a year earlier. CertiK calculated a 1,079% increase, while average exposure per incident climbed from roughly $270,000 to $2.39 million.

Meanwhile, the first quarter drove most of the increase in attack frequency. CertiK recorded 35 incidents in Q1 2026, compared with 22 during the same period last year. Activity then slowed to 17 verified attacks in the second quarter, matching the Q2 2025 total.

CertiK cautioned that its financial figures are “indicative, not exhaustive.” Some victims do not report attacks, while public records may not show whether ransoms were paid, recovered or frozen. The company therefore treats the $124.1 million figure as recorded exposure rather than confirmed criminal proceeds.

The report also warned against simply doubling the first-half total to predict the full year. A repeat of the H1 pace would put 2026 near 100 verified incidents, but CertiK said the calculation is not a forecast because Q1 and Q2 showed different trends.

France accounts for most verified wrench attacks

Europe recorded 39 of the 52 verified attacks, or 75% of the global total. France alone accounted for 33 incidents in CertiK’s dataset, equal to 63.5% of all verified cases worldwide and 84.6% of Europe’s total. The U.S. recorded four incidents, while Sweden and the UK recorded two each.

The French total may be higher than CertiK’s verified public dataset. The report cited France’s National Directorate of Judicial Police as recording 41 incidents between January and March. CertiK said some cases can be classified as robbery, kidnapping, assault or extortion without a clear crypto label.

As crypto.news previously reported, France has stepped up its response. Prosecutors charged 88 suspects across 12 investigations by late April, while authorities also prepared prevention measures for crypto holders after a rise in kidnappings and home invasions.

Home invasions become the leading attack method

Home invasions showed the sharpest change. CertiK recorded 20 such incidents in H1 2026, up from one in the same period last year. The category accounted for about 41% of first-half attacks. Kidnappings increased from 12 to 16, while torture remained at four cases and murder at one.

Wrench attacks rely on physical force, threats or intimidation to make victims transfer crypto, reveal private keys or unlock wallets. This can bypass digital safeguards because an attacker targets the person controlling the assets rather than the wallet software itself.

Recent cases have also involved relatives and people close to crypto holders.The wife of The Sandbox co-founder Sébastien Borget was targeted in an attempted kidnapping in France. Other reports have described attackers using fake delivery workers to gain access to victims.

Security spending rises as threats move offline

The increase in physical attacks has pushed some crypto companies to spend more on executive protection. As previously reported by crypto.news, Coinbase spent about $8.7 million on security and protection costs linked to CEO Brian Armstrong in 2025, while Gemini agreed to pay $400,000 per month for executive protection services.

MARA also disclosed $4.3 million in security spending connected to CEO Fred Thiel, including $430,000 for vehicle armoring. These costs have grown as public executives, investors and founders face risks tied to visible crypto wealth and personal information available online.

CertiK advised holders to limit public information connecting their identity, location and routines to crypto ownership. It also recommended separating signing devices from recovery materials, using multi-party controls for large holdings and avoiding setups in which one person can instantly move all assets under pressure.

The firm also urged families to prepare emergency plans and advised high-risk users to keep sensitive accounts off devices used while traveling. For companies, it recommended tighter controls around employee and customer data, along with security reviews for executives, travel and public events.

The H1 report shows that attack frequency slowed after the first quarter, but the financial value connected to known cases remained far above last year’s level. France accounted for most verified cases, while home invasions became the most common attack method in CertiK’s dataset.

U.S. Securities and Exchange Commission Commissioner Hester Peirce has warned that some crypto vaults and onchain lending strategies may fall under federal securities laws, depending on how operators structure and manage them.

In a July 22 statement, Peirce said moving financial activity onchain does not remove legal duties when that activity already sits within the SEC’s regulatory scope. She urged developers and operators to examine how their products work instead of assuming blockchain technology places them outside existing law.

Peirce said the SEC has spent the past year and a half clarifying which crypto assets and activities fall under federal securities laws. She also stressed that a more tailored approach to crypto does not mean every product sits outside the agency’s reach.

“You will have a painful fall,” she said.

The warning targeted market participants who try to interpret the law in ways that exclude activities already covered by the securities framework. Peirce said companies whose products fall inside that framework should work with the SEC to find a compliant path.