‘Extraordinarily unusual’ for CFTC to reverse Gemini settlement deal: Ex-chair
The CFTC asked a federal court to vacate Gemini’s $5 million settlement in a crypto enforcement case, saying the agency’s earlier leadership relied on flawed evidence and a whistleblower who was “not credible.” The filing said the complaint should not have been brought, citing false statements about Gemini’s Bitcoin futures pre-certification review and alleged concealment of evidence. Former CFTC chair Tim Massad called the reversal “extraordinarily unusual,” saying it appears staff likely got it wrong rather than the law being unclear. He said the public deserves a fuller explanation. The case also has political overtones: Gemini co-founders Tyler and Cameron Winklevoss have supported Donald Trump and met with him, and a former commissioner later released texts showing Tyler Winklevoss raised the litigation during the Trump nomination process. The CFTC’s language in the motion reportedly echoed those texts.
