Commodity Futures Trading Commission (CFTC) Chairman Michael Selig recently appeared on CNBC's 'Squawk Box' and claimed that the past Biden administration conducted targeted investigations against the virtual asset exchange Gemini.

He emphasized, "The past Biden Administration weaponized federal agencies to suppress numerous industries, including virtual assets," adding, "They made political targets out of individuals like the Winklevoss twins, which is absolutely unacceptable."

In relation to this, the CFTC applied to the New York federal court last week to cancel the $5 million fine order imposed on Gemini in January 2025.