CFTC Revisits Gemini Settlement Dispute
The U.S. Commodity Futures Trading Commission is looking to revisit an ongoing dispute with the virtual currency exchange, Gemini. The agency claims that allegations made by employees about misleading statements from Gemini weren’t adequately addressed.
In a recent federal court petition, the CFTC and Gemini have challenged the settlement that was reached early last year. This current move is essentially questioning the decisions made by the previous administration of the CFTC. After reviewing the situation, the agency stated on Wednesday that the charges should not have been pursued under current enforcement standards.
Back in January 2025, Gemini had settled an enforcement issue with a $5 million penalty, alongside other obligations, which stemmed from incidents dating back to 2017. During discussions with the CFTC at that time, its staff indicated that regulators initiated actions in 2022 because of alleged false claims by Gemini regarding the ease of manipulating Bitcoin futures contracts.
If the U.S. District Court for the Southern District of New York agrees to rescind the settlement and dismiss the lawsuit, Gemini would be free from any remaining obligations in that agreement, which included an injunction aimed at preventing them from making any false or deceptive statements in the future.
The CFTC’s dynamic with the cryptocurrency industry has notably shifted since President Donald Trump’s administration began, just after the Gemini settlement. Trump appointed Mike Selig as CFTC Chairman, who prioritized digital assets as a key focus.
Trump has actively supported the cryptocurrency sector, even welcoming the Winklevoss twins, founders of Gemini, to a White House event.
Formerly, Brian Quintenz, who was nominated for a CFTC steering committee role by Trump, shared on X (formerly Twitter) that the Winklevoss brothers had pushed him to review the settlement, expressing their disappointment when he didn’t go further. Ultimately, Trump withdrew Quintenz’s nomination shortly after.
The president’s commitment to promoting cryptocurrency was evident in a recent post on his Truth Social platform, where he claimed, “A new frontier in finance is being forged in America. Trump will never let crypto down!”
