CFTC, Gemini File Joint Motion to Reverse $5M Settlement
The CFTC and crypto exchange Gemini jointly requested the reversal of a January 2025 consent order stemming from a 2022 lawsuit alleging Gemini made false or misleading statements about Bitcoin futures manipulation risks. The CFTC now acknowledges its case was primarily based on a “lacking in credibility” whistleblower account and admits Gemini was a “fraud victim.” The regulator cited concerns over weak evidence and improper internal influence aimed at pressuring a settlement. Leadership changes at the CFTC preceded the reversal, with Michael Selig appointed Chair in December 2025 after Brian Quintenz's nomination was withdrawn. Throughout the case, Gemini asserted it was unfairly targeted and had reported the manipulation in question. Recently, Gemini pivoted to the prediction market sector, launching a predictions marketplace and securing regulatory licenses. The CFTC’s actions reflect ongoing disputes over federal authority versus state oversight of prediction markets.
