The CFTC has filed a motion in federal court to vacate the remaining terms of its $5 million settlement with Gemini. This move is part of an effort by the agency's new leadership to review and potentially reverse cases that no longer align with their enforcement priorities.
The case in question, which was settled in January 2025, accused Gemini of making false or misleading statements during a review of a bitcoin futures contract. However, the CFTC now claims that its internal review has uncovered serious problems with the complaint, including credibility issues with the whistleblower account at its core.
The agency's chair, Michael Selig, stated that the CFTC is seeking to start fresh and reverse cases it no longer supports. This effort is also reflected in the agency's use of 'inappropriate tactics' during the investigation and settlement process, as cited in court filings.