The U.S. Commodity Futures Trading Commission (CFTC) filed a request in the federal court for the Southern District of New York to annul a settlement with cryptocurrency exchange Gemini from a 2022 case. The regulator admitted the lawsuit was unfounded.
The CFTC stated that the methods used by the previous leadership of the agency were "inappropriate."
This concerns a dispute settlement from January 2025, when Gemini agreed to pay a $5 million fine to resolve claims related to providing misleading information during the launch of Bitcoin futures in 2017.
In a joint memorandum, the CFTC and Gemini questioned the validity of the investigation. According to the document, after an internal review, the agency concluded that under current enforcement standards, the case would not have arisen.
The regulator listed several violations:
- reliance on an unreliable informant;
- withholding evidence from one of the commissioners before the vote on the lawsuit;
- absence of critically important confirmations of the exchange's guilt;
- using supervisory powers as leverage.
The commission determined that Gemini itself had become a victim of fraud. The parties are requesting the court to annul the remaining prohibitions and obligations.
It is worth noting that in January 2026, the U.S. Securities and Exchange Commission withdrew its lawsuit against Gemini.
In March, the Federal Court for the Southern District of New York dismissed a class action lawsuit against Uniswap and its founder Hayden Adams. The proceedings had been ongoing since 2022.