Judge Keeps Gemini’s $5 Million CFTC Settlement in Force

A federal judge on October 15, 2026, rejected a joint request by Gemini and the Commodity Futures Trading Commission to vacate a January 2025 consent order, leaving the exchange’s paid $5 million penalty and permanent injunction in force. U.S. District Judge Alvin Hellerstein ruled that the parties had not shown sufficient grounds to reopen the judgment. The motion, filed in May 2026, sought to remove continuing restrictions in the order, not to recover the penalty. Gemini had already paid the $5 million, and the parties agreed it would not be refunded. The injunction bars Gemini from making false or misleading statements to the CFTC. The consent order also contains restrictions on publicly denying its findings. The agency said it would no longer enforce those restrictions, but the court’s injunction remains binding. The CFTC’s request followed an internal review that concluded the original complaint should not have been filed under the agency’s current enforcement standards. The review raised concerns about the investigation, including the credibility of a whistleblower and the conduct of enforcement staff. Those were the agency’s findings, not a separate court determination...