★ Government Action
Trump's SEC pauses Gemini Trust enforcement lawsuit
Crypto DeregulationWhite-Collar Enforcement Erosion
Filed April 2025
★ The Brief
What happened
In April 2025, the SEC put its long-running enforcement lawsuit against Gemini Trust, the crypto exchange founded by twins Cameron and Tyler Winklevoss, on hold, shortly after Trump-appointed chairman Paul Atkins took over the agency.
Who enabled it
Who benefits
Deal or steal?
Gemini and the Winklevoss twins had given more than $8 million to elect Trump in 2024, including $6.39 million from Gemini itself. Months after the SEC paused their case, the twins joined Executive Branch, the $500,000-a-member club co-owned by Trump Jr.
In April 2025, the Securities and Exchange Commission placed a hold on its long-running enforcement lawsuit against Gemini Trust, the cryptocurrency exchange co-founded by Cameron and Tyler Winklevoss. The pause came shortly after the Trump administration installed new agency leadership, including chairman Paul Atkins. The Winklevoss twins subsequently joined the founding-member roster of Executive Branch, a private Washington club co-owned by Donald Trump Jr.
Actors
Who pushed it · 2Who initiated, paid, or pushed the action.
Paul AtkinsTrump-appointed SEC chairman; under his leadership the agency paused the Gemini Trust enforcement action shortly after he took office.
Securities and Exchange CommissionFederal regulator that placed its enforcement lawsuit against Gemini Trust on hold in April 2025 under chairman Paul Atkins, who was appointed by President Trump.
Beneficiaries
Who gained · 3Who stood to gain.
Cameron WinklevossCo-founder and co-CEO of Gemini Trust; later joined the Trump-orbit Executive Branch private club in Washington as a founding member.
Cameron Winklevoss has paid into Trump’s orbit:
Tyler WinklevossCo-founder and co-CEO of Gemini Trust; later joined the Trump-orbit Executive Branch private club in Washington as a founding member.
Tyler Winklevoss has paid into Trump’s orbit:
- Gemini
Cryptocurrency exchange whose long-running SEC enforcement case was placed on hold by Trump-installed agency leadership.
Gemini has paid into Trump’s orbit:
Further reading
- ★ Government ActionJanuary 2025Trump's SEC crypto enforcement falls 60% in first year
- ★ Government ActionJanuary 2026Trump's two top market regulators launch joint 'Project Crypto'
- ★ Private ActionOctober 2025Corporations pledge funding for Trump's $300M White House ballroom
- ★ Government ActionOctober 2025Trump DOJ drops Roger Ver tax case for $49.9M, no guilty plea
- ★ Government ActionAugust 2025Trump's SEC ends Biden-era Ripple Labs crypto enforcement case
- ★ Private ActionApril 2025Trump Jr. and Witkoff sons launch $500K-per-member DC club