CFTC Moves to Undo Settlement That Had Gemini Pay $5 Million (1)

The US Commodity Futures Trading Commission and Gemini Trust Co., led by the billionaire Winklevoss brothers, want to dissolve a 2025 settlement that resulted in the cryptocurrency exchange agreeing to pay $5 million to end an agency lawsuit.

Lawyers for the firm and the regulator asked a federal judge in New York to vacate the January 2025 order imposing a permanent injunction, civil monetary penalty and other relief, according to a filing released late Wednesday that argued the CFTC at the time “violated bedrock principles of fair enforcement.”

This marks the latest in a series of attempts to unwind ...