TLDR
- Brian Quintenz, Trump’s CFTC chair nominee, released private texts with the Winklevoss twins showing they sought assurances about enforcement actions
- The texts suggest the brothers contacted Trump to pause Quintenz’s nomination after he refused their requests
- Gemini raised its IPO price range from $17-$19 to $24-$26 per share, valuing the company at up to $3.1 billion
- The IPO is scheduled for Friday with Goldman Sachs, Citigroup, Morgan Stanley and Cantor as lead underwriters
- Nasdaq agreed to buy $50 million of shares in a private placement at the IPO price
Gemini has increased its IPO price range just days before going public, while controversy surrounds the crypto exchange’s founders and their alleged interference with a key regulatory nomination. The developments come as the Winklevoss-led company prepares for its Friday debut on public markets.
Brian Quintenz, President Trump’s nominee to chair the Commodity Futures Trading Commission, released private text messages with Gemini co-founders Cameron and Tyler Winklevoss on Wednesday. The texts reveal the brothers sent Quintenz information about Gemini’s civil case with the CFTC in July.
I’ve never been inclined to release private messages. But in light of my support for the President and belief that he might have been misled, I’ve posted here the messages that include the questions Tyler Winklevoss asked me pertaining to their prior litigation with the CFTC.
— Brian Quintenz (@BrianQuintenz) September 10, 2025
The CFTC settled the case with Gemini for a $5 million fine in January. Tyler Winklevoss wrote to Quintenz that “The CFTC totally abused the deliberative process privilege amongst many other abuses to prevent us from even be able to defend ourselves fairly in court.”
According to Quintenz, the Winklevoss twins were seeking assurances about what they called the agency’s “lawfare trophy hunting.” He said he refused to provide the promises they wanted.
IPO Price Range Increases
Gemini raised its IPO pricing guidance from $17-$19 per share to $24-$26 per share on Tuesday. The new range would value the company at up to $3.1 billion compared to about $2.2 billion at the previous price.
The crypto exchange plans to sell 16.67 million shares in the public offering. At the high end of the new range, Gemini would raise more than $430 million.
Goldman Sachs, Citigroup, Morgan Stanley and Cantor are serving as lead underwriters for the IPO. Exchange giant Nasdaq has agreed to purchase $50 million of shares in a private placement at the IPO price.
The stock will trade on the Nasdaq Global Select Market under the ticker symbol GEMI. The offering follows other crypto companies going public under Trump’s administration.
Regulatory Nomination Controversy
Quintenz said he released the texts because he was concerned Trump “might have been misled” by the Gemini co-founders. He believes the messages show what the brothers wanted from him and what he refused to promise.
The prospective CFTC chair stated that after their July exchange, the Winklevoss twins contacted the President and asked that his confirmation be paused. Their reasons to Trump were different from what the texts revealed, according to Quintenz.
Senate lawmakers had planned to question Quintenz in July before a month-long recess. The White House requested a delay of the hearing, which has not yet been rescheduled.
The text release comes less than 48 hours before Gemini’s IPO launch. Crypto native companies are increasingly seeking public listings under what they view as a more favorable regulatory environment.
Gemini’s public debut follows similar moves by rival exchange Bullish and stablecoin issuer Circle. The company’s valuation increase suggests strong investor interest despite the regulatory controversy surrounding its founders.
