Judge Keeps Gemini’s $5 Million CFTC Settlement in Place
A Manhattan judge rejected a joint request to undo Gemini’s settlement, leaving its penalty and a permanent injunction intact.
Key takeaways
- A judge rejected Gemini and the CFTC’s joint request to vacate their settlement.
- Gemini has paid the $5 million penalty, which will not be refunded.
- The ruling leaves a permanent injunction against false or misleading statements to the CFTC in place.
A federal judge in Manhattan rejected Gemini and the Commodity Futures Trading Commission’s joint request to undo a $5 million settlement. The ruling, issued Oct. 15, leaves the agreement in place.
The case stemmed from the CFTC’s 2022 allegations that Gemini made false or misleading statements during the agency’s review of a proposed bitcoin futures product. Gemini agreed to the settlement in January 2025, shortly before trial.
Judge Alvin Hellerstein said the CFTC’s changed enforcement priorities and the parties’ arguments did not meet the standard for setting aside the judgment. The ruling also leaves a permanent injunction barring Gemini from making false or misleading statements to the CFTC.
Gemini has already paid the penalty, and the parties said it would not be refunded even if the settlement were vacated.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
