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CFTC Seeks To Vacate $5 Million Gemini Penalty Under Trump Administration

GateNews
Enforcement ActionsRegulation & Policy
BTC0.25%
According to court filings, the Commodity Futures Trading Commission has asked a federal judge to vacate a $5 million settlement imposed on Gemini Trust Company under the Biden administration. The CFTC said the original enforcement action, which accused Gemini of making false or misleading statements tied to a proposed bitcoin futures product, relied heavily on testimony from a whistleblower whose claims were later found to lack credibility. The agency now states that Gemini had actually been targeted by fraudulent conduct rather than engaging in wrongdoing. The move reflects the Trump administration's broader policy shift toward cryptocurrency regulation, with federal officials moving to soften several enforcement approaches adopted during the Biden era, particularly involving digital asset companies. A CFTC spokesperson confirmed that Gemini would not receive a refund of the $5 million penalty despite the agency's attempt to vacate the settlement.
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