Judge rejects Gemini and CFTC bid to undo $5 million settlement

• A US federal judge rejected Gemini and the CFTC’s joint request to undo a $5 million settlement.
• The settlement stemmed from a dispute over Gemini’s proposed bitcoin futures contract and regulatory representations.
• The ruling leaves the existing settlement in place, limiting the parties’ attempt to reopen the case.

US District Judge Alvin Hellerstein rejected the request, ruling that neither argument justified reopening the case.

Gemini Space Station Inc (NASDAQ:GEMI) had agreed to the $5 million settlement in January 2025, shortly before Donald Trump took office.

The case began in 2022, when the CFTC accused Gemini of making false and misleading statements while the agency reviewed a proposed Bitcoin (BTC) futures contract.

“neither of these arguments provide sufficient grounds for relief,” said US District Judge Alvin Hellerstein in a statement.

Gemini and the CFTC sought to reverse the settlement in May 2026, citing concerns about the original enforcement process and an internal regulatory investigation.

The agreement included a permanent injunction barring Gemini from making false or misleading statements to the CFTC, and Gemini has already paid the penalty.

The ruling comes as US regulators shift their approach to digital assets under the Trump administration, which has pledged to make the country a global crypto hub.

The decision leaves the $5 million settlement and its restrictions in place for Gemini.