The judge denied both parties’ motions to vacate, so Gemini’s $5 million settlement with the CFTC is still on. With the SEC and CFTC taking turns stepping in, compliance costs are through the roof, steadily eating into exchange profits. Don’t get too excited about those BTC ETF inflows—the regulatory sword is still hanging overhead. For the market to really take off, it still depends on what Washington decides.

$BTC