The CFTC changed its mind on Gemini. The judge did not.

Two parties to a federal settlement asked to undo it after the regulator reassessed its own case. The judge refused. Gemini has already paid $5 million, but the more consequential dispute was over a continuing injunction and a court order the agency now says it would never have sought under its current standards. The ruling separates a regulator’s power to change future enforcement priorities from a court’s power to reopen an agreed judgment. Summary A federal judge denied the CFTC and Gemini’s joint bid to vacate their 2025 consent order on October 15. The $5 million civil penalty has been paid and will not be returned under the parties’ own proposal. The 2025 order still includes a permanent injunction against false or misleading statements to the CFTC. The parties sought relief in May 2026 under 2 provisions of Federal Rule of Civil Procedure 60. Gemini settled in December 2024 after nearly 3 years of litigation, shortly before a scheduled trial. A federal judge has refused to set aside Gemini’s $5 million settlement with the Commodity Futures Trading Commission after the agency joined the exchange in asking him to reverse their agreed order. In the October 15 ruling in CFTC v. ...