Judge rejects Gemini, CFTC bid to undo $5m settlement

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By Nicola M White, Bloomberg · 16 Oct 2026, 10:30 Image: Tiffany Hagler-Geard/Bloomberg A federal judge shot down an unusual joint request by a US financial regulator and Gemini Trust Co to undo a Biden-administration enforcement action that called for the cryptocurrency exchange led by the billionaire Winklevoss brothers to pay a $5 million penalty. Gemini and the Commodity Futures Trading Commission had argued in May that the January 2025 settlement had “violated bedrock principles of fair enforcement.” The CFTC said an internal probe found inappropriate litigation tactics and that the case wouldn’t have been brought under the administration of President Donald Trump, who has shown himself to be more crypto-friendly than his predecessor. But in a ruling Thursday, US District Judge Alvin Hellerstein in New York said “neither of these arguments provide sufficient grounds for relief,” adding that Gemini had willingly agreed to the settlement three weeks before a trial. An attorney for Gemini didn’t immediately return a request for comment, nor did the CFTC. ADVERTISEMENT CONTINUE READING BELOW The regulator sued Gemini in 2022, accusing the crypto platform of making false and misleading statements during the agency’s review of a proposed Bitcoin futures contract. Gemini agreed to settle two weeks before Trump took office. Since then, financial regulators have made a 180-degree turn on digital asset market enforcement, with the president pledging to make the US the “crypto capital” of the world. Gemini has paid the $5 million penalty, and its settlement included a permanent injunction barring the firm from making false or misleading statements to the CFTC. “Gemini’s receipt of additional materials after the fact may have caused it to regret that it settled, but it did not create a post-judgment change in factual circumstances making continued application of the consent order inequitable,” the judge said. Tyler and Cameron Winklevoss, the twin founders of the exchange also known for their spat with Facebook founder Mark Zuckerberg over who came up with the idea for the social media company, are key backers of Trump. Tyler Winklevoss played a role in squashing the confirmation of Trump’s first choice to lead the CFTC, Brian Quintenz, Bloomberg News reported. Quintenz said on social media last September that the president “might have been misled” by the Gemini founders. He posted screenshots of private messages he said he had exchanged with Tyler Winklevoss in late July, before his nomination stalled. ADVERTISEMENT: CONTINUE READING BELOW Trump later nominated Michael Selig, an attorney with a crypto background, to lead the commission. Gemini in September became a public company, trading as Gemini Space Station Inc. The firm has since launched a prediction market business, where customers can place yes-or-no trades on future events, from the price of gold to who will win a football game. © 2026 Bloomberg Google See more of Moneyweb Google News Follow our coverage Newsletters Get news in your inbox Social Media Join the conversation Social media Follow us on our official channels: TAGS: CFTC | cryptocurrency | Gemini COMMENTS 0 You must be signed in to comment. SIGN IN SUBSCRIBE or create a free account. Free users can leave 4 comments per month. 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Judge rejects Gemini, CFTC bid to undo $5m settlement

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