A U.S. federal judge refuses to overturn a $5 million settlement involving cryptocurrency firm Gemini and the U.S. Commodity Futures Trading Commission (CFTC), which had accused the company of making false and misleading statements during the regulators’ review of a proposed Bitcoin futures contract. Gemini and the CFTC jointly sought to nullify the settlement.
The court says the reasons offered are insufficient to reopen the case. Outlets report that the judge points to Gemini’s voluntary decision to settle shortly before trial and finds that subsequent changes in the CFTC’s enforcement priorities do not justify reversing the judgment. Some coverage also notes the request references alleged misconduct by the CFTC’s enforcement division, but the judge concludes those claims do not meet the standard required to undo the settlement.
Overall, the ruling keeps the $5 million penalty in place. While the parties attempt to frame the bid as grounded in shifting enforcement policy and internal conduct allegations, the decision emphasizes the finality of the settlement and the limited circumstances under which courts will revisit agreed judgments.
