A federal judge rejected Gemini and the CFTC’s joint motion to backtrack—the $5 million settlement and permanent injunction remain in place.
The case was in the SDNY: in May, both sides jointly moved to vacate the January 2025 consent order. The CFTC said that, given its current enforcement priorities, it should not have brought the case in the first place; Gemini said regulatory pressure had forced it to settle at the time. The judge’s response was direct: a change in policy is not a change in facts, and the settlement was negotiated three weeks before trial, so it was not involuntary.
The background: in 2022, the CFTC sued Gemini, alleging that it made misleading statements to regulators while they were reviewing the proposed $BTC futures contract. The judgment stands; the fine was paid long ago. For screening purposes only—not educational content or investment advice.
The case was in the SDNY: in May, both sides jointly moved to vacate the January 2025 consent order. The CFTC said that, given its current enforcement priorities, it should not have brought the case in the first place; Gemini said regulatory pressure had forced it to settle at the time. The judge’s response was direct: a change in policy is not a change in facts, and the settlement was negotiated three weeks before trial, so it was not involuntary.
The background: in 2022, the CFTC sued Gemini, alleging that it made misleading statements to regulators while they were reviewing the proposed $BTC futures contract. The judgment stands; the fine was paid long ago. For screening purposes only—not educational content or investment advice.