Judge refuses to vacate Gemini-CFTC settlement despite both sides' request

What happened?

1. In 2022, the CFTC brought a lawsuit against Gemini, claiming that false or misleading statements were made while the agency evaluated a proposed bitcoin futures contract. That suit concluded in January 2025, with a $5 million settlement just before trial.
2. In May 2026 the agency and Gemini jointly asked the court to vacate the settlement and court order, arguing the 2022 complaint would not have been filed under enforcement priorities adopted under President Trump.
3. The joint filing asserted the CFTC had "resorted to inappropriate tactics" in bringing the lawsuit, and said regulators should not have accused Gemini of false statements tied to its bitcoin futures business.
4. Gemini agreed it would not receive a refund of the $5 million penalty if the settlement were vacated, according to Times of News.
5. Hellerstein wrote that Gemini spent over three years in litigation with the CFTC and then chose to settle voluntarily; in his written statement, he added, the agency's present position on the matter does not make it necessary to set the settlement aside.

The joint May 2026 motion argued the agency's 2022 complaint would not have been filed under enforcement priorities adopted under President Trump. The judge pointed to Gemini's three-plus years of litigation before it voluntarily settled, and the penalty and consent order remain in place.

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