CFTC moves to vacate its own Gemini consent order!

In a striking reversal, the CFTC has joined Gemini in a joint motion to vacate the consent order it originally brought against the exchange, concluding that the underlying complaint should never have been filed under current enforcement standards. The move is a rare instance of a regulator publicly walking back its own action.

For Gemini, the development closes a chapter that had weighed on the exchange's regulatory standing. More broadly, it signals a meaningful shift in how the CFTC is calibrating its enforcement posture toward crypto — cases that were viable under the prior administration's standards are now being reassessed against a higher bar.

The joint motion sets a precedent other exchanges and token issuers facing legacy CFTC actions will watch closely.