Judge rejects Gemini and CFTC's motion to vacate $5 million settlement agreement

A federal judge rejected a rare joint request by a U.S. financial regulator and Gemini Trust to vacate a Biden-era enforcement action that required the cryptocurrency exchange, run by billionaire Winklevoss twins, to pay a $5 million fine. Gemini and the U.S. Commodity Futures Trading Commission said in May that the January 2025 settlement "offends basic principles of fair enforcement." The CFTC said an internal investigation found improper litigation tactics in the case, and that regulators would not have brought the case under President Donald Trump, who has been friendlier to the crypto industry than his predecessor. But New York-based U.S. District Judge Alvin Hellerstein ruled on Thursday that "neither of these two reasons is sufficient to support vacating the settlement," adding that Gemini voluntarily signed the settlement three weeks before trial. Lawyers for Gemini and the CFTC did not immediately respond to requests for comment.