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A U.S. federal judge rejected a joint request by the Commodity Futures Trading Commission and crypto exchange Gemini to void a $5 million settlement, Bloomberg reported on Oct. 15, citing a local-time filing.
The two sides had sought to cancel the agreement, which was reached in January 2025 during the Biden administration, arguing it violated principles of fair law enforcement. Judge Alvin Hellerstein of the U.S. District Court for the Southern District of New York found Gemini had voluntarily agreed to the settlement ahead of trial, and said regret after obtaining additional materials was not sufficient grounds to undo the deal.
Gemini had previously been sued over allegedly false or misleading statements to the CFTC during the review process for a Bitcoin futures contract in 2022, and later paid the $5 million fine under the settlement.