Judge Rejects Gemini and CFTC Bid to Undo $5 Million Settlement

A federal judge has rejected Gemini and the Commodity Futures Trading Commission’s joint request to undo a $5 million settlement, leaving the consent order between the crypto exchange and regulator in place.

U.S. District Judge Alvin Hellerstein found that the reasons offered for withdrawing the deal did not provide enough basis to set it aside. The settlement was reached in January 2025, and the ruling means its terms remain in effect.

Gemini and the CFTC sought to reverse the agreement in May, arguing that it conflicted with basic principles of fair enforcement. Hellerstein rejected that rationale and noted that Gemini had signed the settlement voluntarily three weeks before trial.

The immediate effect is that the previously agreed outcome still stands: the judge’s decision did not remove the order or change the amount. The joint attempt to withdraw the settlement therefore leaves the original $5 million agreement between Gemini and the CFTC in place.