CFTC, Gemini Ask Court to Vacate 2025 Consent Order

The Commodity Futures Trading Commission and crypto exchange Gemini filed a joint motion Wednesday asking a federal judge to vacate a January 2025 consent order, including a permanent injunction. The CFTC said a post‑case review found the 2022 complaint against Gemini should not have been brought.

The agency sued Gemini in June 2022, alleging the exchange made false or misleading statements in 2017 about the risk of manipulation in its bitcoin futures contract. Gemini settled the matter in January 2025 by agreeing to pay $5 million, an amount the company has fully paid.

In the joint filing the CFTC described a review that examined the complaint’s history, the evidence, litigation tactics and changes in federal digital asset policy. The agency wrote that “the complaint should not have been filed — and would not have been under current enforcement standards.”

The review found the whistleblower account that underpinned the complaint lacked credibility and that the evidence presented against Gemini was questionable. The agency said its investigation had focused on the exchange rather than on the individuals it viewed as the alleged wrongdoers and that Gemini was prevented from obtaining evidence critical to its defense. The filing also says some agency personnel improperly influenced regulatory authority in a way that created leverage in settlement discussions.

Gemini, led by Tyler and Cameron Winklevoss, has disputed the agency’s case since the investigation began. In June 2025 the exchange filed a letter with the CFTC’s Office of Inspector General asserting it had been the target of an abusive investigation and lawfare. The exchange joined the CFTC in asking the court to set aside the consent order and related judgment.

The leadership at the CFTC has changed since the original suit. Michael Selig became chairman after the White House withdrew the prior nominee, Brian Quintenz. Quintenz publicly alleged that Tyler Winklevoss lobbied President Donald Trump against his nomination after Quintenz declined to intervene in the agency’s dispute with Gemini. Selig is currently the commission’s sole commissioner while four seats remain vacant.

The CFTC continues to advance rulemaking and policy work on digital assets and prediction markets. The agency is seeking exclusive regulatory authority over prediction markets and has submitted proposed rules that are under White House review.

If the court grants the joint motion and vacates the consent order, the permanent injunction and the related judgment would be removed, restoring Gemini’s legal position with respect to the specific claims resolved in the 2025 settlement.