CFTC moves to erase Gemini's $5M settlement under Trump-era…

The U.S. Commodity Futures Trading Commission has filed a joint request with Gemini in federal court to vacate a settlement it now says should never have been reached. The CFTC concluded that the original complaint — which accused Gemini of making misleading statements about the difficulty of manipulating bitcoin futures — "should not have been filed and would not have been under current enforcement standards."

The settlement in question was struck in January 2025, resolving a case that dated back to 2017 and carrying a $5 million fine. If the Southern District of New York grants the request, all remaining obligations on Gemini — including an injunction barring it from making false or misleading statements to the CFTC — will be nullified.