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Judge denies Gemini and CFTC’s joint bid to undo the exchange’s $5 million settlement
Summary
A U.S. federal judge in New York rejected a joint request from crypto exchange Gemini and the CFTC to vacate Gemini’s January 2025 consent order and $5 million civil penalty, CoinDesk, The Block and Cointelegraph reported on Oct. 16.
Judge Alvin Hellerstein of the Southern District of New York ruled that the CFTC’s later view that the case should not have been brought, and Gemini’s claim it settled under coercive pressure, were not enough to reopen the judgment, the outlets said.
The Block reported the underlying 2022 suit alleged Gemini made false or misleading statements during review of a proposed bitcoin futures contract; CoinDesk said Gemini has already paid the $5 million and remains under an order against misleading the CFTC.
CoinDesk noted the May 2026 joint motion came as Gemini shifts focus to the U.S. market; The Block said the parties filed the vacatur motion on May 28, 2026.
Key facts
- Judge Alvin Hellerstein denied the joint CFTC-Gemini motion to vacate the January 2025 consent order.
- The order imposed a $5 million civil penalty, which Gemini has paid, and a permanent injunction.
- The CFTC and Gemini jointly moved to vacate the order on May 28, 2026.
- The judge said Gemini litigated for about three years then made a calculated decision to settle shortly before trial.