A federal judge denied a joint motion from cryptocurrency exchange Gemini and the CFTC to vacate a 5 million dollar settlement reached in January 2025. The exchange founded by the Winklevoss twins was charged by the CFTC in 2022 for making false statements regarding a proposed Bitcoin futures product. The 5 million dollar penalty has already been paid and will not be refunded, with a permanent injunction remaining in effect. This ruling is unusual as courts rarely allow a regulator to retreat from its own enforcement action, and it leaves a compliance burden on Gemini as the exchange expands its CFTC-regulated offerings.
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