Judge rejects CFTC, Gemini bid to undo $5M settlement
Summary
A federal judge rejected Gemini and the CFTC’s joint request to overturn their $5 million settlement, leaving the penalty and injunction in place. The CFTC sought reversal after an internal review alleged misconduct by its enforcement division and said the case would not have been pursued under current standards. Judge Alvin Hellerstein ruled that policy changes and newly obtained agency documents did not justify undoing the settlement, noting Gemini had agreed to it with knowledge of problems in the case. The 2025 settlement concerned disclosures about borrowed funds, self-trading and special fee arrangements in Gemini’s Bitcoin auction. Gemini has already paid the fine.
