U.S. CFTC Seeks to Vacate Settlement With Crypto Exchange Gemini

The U.S. Commodity Futures Trading Commission sued Gemini Trust in June 2022, alleging that it provided misleading information about the exchange during a 2017 review of a Bitcoin futures contract. The U.S. District Court for the Southern District of New York approved a settlement on January 13, 2025, imposing a $5 million penalty and a permanent injunction. The case became an important gauge of the U.S. approach to crypto-asset enforcement.

On May 27, 2026, the CFTC and Gemini jointly asked the court to vacate the provisions of the settlement judgment that continue to have prospective effect. After reviewing the case, the CFTC concluded that it should not have been brought and would not be filed under current standards. Chair Michael Selig went further on June 2, saying Gemini had been politically targeted. The $5 million already paid will not be refunded, however, and the court has yet to rule on whether to lift the injunction.