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

A federal judge has denied a rare joint request by U.S. financial regulators and Gemini Trust Co. to vacate a Biden-era enforcement action that required the cryptocurrency exchange, led by billionaire Winklevoss twins, to pay a $5 million penalty. In May, Gemini and the U.S. Commodity Futures Trading Commission (CFTC) argued that the settlement reached in January 2025 "violates the fundamental principles of fair enforcement." The CFTC said an internal review found improper litigation tactics in the case, and that under President Donald Trump, regulators would not have brought it, as his administration is more friendly toward the crypto industry than its predecessor. However, New York federal judge Analisa Torres ruled on Thursday that "neither of these grounds is sufficient to support vacating the settlement," adding that Gemini had voluntarily signed the agreement three weeks before trial. Gemini's legal representatives and the CFTC did not immediately respond to requests for comment.