The US Commodity Futures Trading Commission is asking a judge to vacate the Biden-era penalty that it imposed last year on a cryptocurrency exchange run by Tyler and Cameron Winklevoss — prominent donors to President Donald Trump’s 2024 campaign.

The CFTC and Gemini Trust jointly asked a judge to vacate a $5M penalty, with the regulator saying it should never have accused the exchange of false statements.

The CFTC is seeking to vacate a $5 million settlement it brought under the Biden administration against Gemini, in a complaint that accused the crypto exchange of making false or…