Judge Denies CFTC and Gemini Bid to Vacate $5 Million Settlement

US District Judge Alvin Hellerstein rejected a joint request from the CFTC and crypto exchange Gemini to vacate a $5 million settlement finalized in January 2025. The CFTC originally sued Gemini in 2022, alleging the exchange made false or misleading statements during the agency's review of a proposed bitcoin futures contract. In May, the CFTC and Gemini filed a joint request to wipe the settlement and court order, citing the Trump administration's narrower crypto enforcement policies and arguing the complaint should not have been filed. The joint filing claimed the CFTC had "resorted to inappropriate tactics" in bringing the original lawsuit, though Gemini agreed not to seek a refund of the $5 million penalty if the settlement was vacated. Judge Hellerstein ruled that the agency's shifted view of the case does not require vacating a settlement that Gemini voluntarily agreed to after three years of litigation.