Trending Now - CFTC Seeks to Overturn 2025 Settlement With Gemini

WHO:

CNN - The Winklevoss brothers, Tyler and Cameron, are prominent donors to Trump’s 2024 campaign.

CNN - Brian Quintenz was Trump’s original pick to run the CFTC.

Bitcoinist - The CFTC and Gemini Trust Company are jointly requesting the court to nullify the settlement.

Cointelegraph - The CFTC's settled complaint was filed under the Biden administration.

Bitcoinist - The US Commodity Futures Trading Commission (CFTC) and Gemini (GEMI) are involved in the case.

WHAT:

CNN - The CFTC's request to vacate the $5 million penalty against Gemini marks an extraordinary reversal for the regulatory agency, which had originally accused Gemini of making false statements tied to a bitcoin futures business it sought to launch.

CNN - The CFTC stated that Gemini was actually the victim of fraud rather than a perpetrator.

CNN - The CFTC's statement indicated that the findings call into question the agency's enforcement process and demonstrate the necessity of revised enforcement standards in the digital asset space.

CNN - The CFTC is now siding with Gemini in arguing that the agency should have never filed a complaint against them.

CNN - The CFTC's new filing claims that the Biden-era investigation was based on a whistleblower account that it has since concluded was not credible.

CNN - The CFTC is requesting to vacate a $5 million penalty imposed on Gemini Trust Company, which was settled weeks before Trump took office.

CNN - The CFTC's new filing claims that the whistleblower account that underpinned the Biden-era investigation was not credible and that Gemini was a victim of fraud.

CNN - The CFTC stated that its effort to vacate the prior settlement reflects a shift in approach to cryptocurrency policy under Trump, which is more permissive than under Biden's administration.

Techmeme - The CFTC and Gemini are asking the court to unwind the $5 million settlement reached in January 2025.

Cointelegraph - The CFTC claimed that Gemini inflated trading activity to distort user demand based on a whistleblower’s allegations.

Bitcoinist - The CFTC announced it is requesting the court to grant relief from the judgment in its case against Gemini.

Techmeme - The CFTC is seeking to nullify a $5 million settlement that Gemini reached in January 2025.

WHEN:

Techmeme - The settlement in question was reached in January 2025.

WHY:

CNN - The CFTC's effort to vacate its prior settlement reflects a shift in approach to cryptocurrency policy under Trump, which is more permissive than under Biden's administration.

CNN - The CFTC stated that its findings call into question the agency's enforcement process and demonstrate the necessity of revised enforcement standards in the digital asset space.

CNN - The CFTC's statement indicated that the findings call into question the agency's enforcement process and demonstrate the necessity of revised enforcement standards in the digital asset space.

Techmeme - The CFTC argues that the case would not have been pursued under the current management and practices of the agency.

Techmeme - The CFTC argues that the agency's current management would not have pursued the case against Gemini.

HOW:

CNN - The CFTC's new filing claims that the whistleblower account that underpinned the Biden-era investigation was not credible.

CNN - The CFTC's effort to vacate the prior settlement reflects a shift in approach to cryptocurrency policy under Trump, which is more permissive than under Biden's administration.

Bitcoinist - The CFTC conducted a thorough reexamination of the investigation's history, which led to the joint request with Gemini.

Bitcoinist - The CFTC conducted a thorough reexamination of the investigation's history before making its request.

(UPDATED May 28, 2026 23:21 UTC)

In a surprising turn of events, the CFTC is requesting to vacate a $5 million penalty against Gemini, which it had previously accused of making false statements related to a bitcoin futures business. The agency now acknowledges that Gemini was actually the victim of fraud, raising questions about its enforcement process and highlighting the need for revised standards in the digital asset space. This shift in the CFTC's approach reflects a more permissive cryptocurrency policy under Trump, contrasting with the stricter stance taken during Biden's administration, as the agency claims that the whistleblower account from the earlier investigation lacked credibility.

(UPDATED May 28, 2026 21:36 UTC)

The Winklevoss brothers, Tyler and Cameron, are significant donors to Trump's 2024 campaign, while Brian Quintenz was Trump's original choice to lead the CFTC. In a surprising turn, the CFTC is now supporting Gemini, arguing that their previous complaint against the company was unfounded and based on a whistleblower account deemed not credible. This shift in stance highlights a change in cryptocurrency policy under Trump, suggesting a more permissive approach compared to the enforcement standards established during Biden's administration.

(UPDATED May 28, 2026 16:20 UTC)

The CFTC is seeking to vacate a $5 million penalty that was imposed on Gemini Trust Company, which was settled weeks before Trump took office. In its new filing, the CFTC claims that the whistleblower account that led to the Biden-era investigation was not credible and asserts that Gemini was actually a victim of fraud. The agency's move to overturn the previous settlement highlights a shift in cryptocurrency policy under Trump, suggesting a more permissive approach compared to the stricter standards seen during Biden's administration.

(UPDATED May 28, 2026 12:06 UTC)

The CFTC and Gemini Trust Company are jointly asking the court to nullify a $5 million settlement that was reached in January 2025. They argue that the case would not have been pursued under the current management and practices of the agency, following a thorough reexamination of the investigation's history. This request marks a significant development in the ongoing legal discussions surrounding cryptocurrency regulations.

(UPDATED May 28, 2026 10:18 UTC)

The Commodity Futures Trading Commission, or CFTC, has settled a complaint that was filed during the Biden administration. According to the CFTC, Gemini inflated its trading activity to misrepresent user demand, based on allegations from a whistleblower. This development highlights ongoing scrutiny in the cryptocurrency market as regulators continue to address potential misconduct.

(UPDATED May 28, 2026 06:23 UTC)

The US Commodity Futures Trading Commission, or CFTC, is asking the court to grant relief from a judgment in its case against Gemini, seeking to nullify a $5 million settlement that Gemini reached in January 2025. The CFTC argues that the agency's current management would not have pursued the case against Gemini, following a thorough reexamination of the investigation's history. Both the CFTC and Gemini are involved in this ongoing legal matter.