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Judge Rejects CFTC, Gemini Bid to Undo $5M Settlement
The ruling keeps the consent order in place after the agency’s review found the original complaint should not have been filed.
- On Thursday, U.S. District Judge Alvin Hellerstein rejected a joint request by crypto exchange Gemini and the Commodity Futures Trading Commission to overturn a $5 million settlement, leaving the January 2025 agreement and permanent injunction in effect.
- An internal CFTC review alleging enforcement misconduct, including reliance on questionable whistleblowers, prompted the joint request, which also cited policy shifts following President Donald Trump's January 2025 executive order on digital financial technology.
- Hellerstein ruled that Gemini was aware of potential issues when it voluntarily settled three weeks before trial, determining that later disclosures about the CFTC's investigation did not justify voiding the agreement.
- Gemini remains bound by the permanent injunction barring false or misleading statements to the commission, having already paid the $5 million penalty, which the regulator stated would not be refunded.
- Although the current administration has adopted a more supportive stance toward digital assets, the court determined that policy shifts do not constitute legal grounds to overturn settled litigation, confirming the finality of the company's agreement.
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Judge Rejects Gemini, CFTC Bid to Undo $5 Million Settlement
·New York, United States
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Judge declines to undo Gemini's $5 Million CFTC settlement - CoinCodeCap
In a major blow to the crypto exchange Gemini, a federal judge has rejected an effort by the firm and the regulator Commodity Futures Trading Commission (CFTC) to undo a settlement the two sides reached last year, leaving the crypto exchange bound by a permanent injunction and a $5 million civil penalty. The ruling by […]
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