TLDR Tech / Crypto
CFTC Joins Gemini in Motion to Vacate 2025 Consent Order
The CFTC and Gemini have jointly moved to vacate the prospective provisions of a January 2025 consent order in a notable reversal by the regulator. The original case alleged that Gemini made false or misleading statements during the self-certification process for a bitcoin futures product in 2022, resulting in a permanent injunction and a $5 million civil penalty. However, the CFTC now says the complaint should not have been filed under current enforcement standards, relied heavily on a whistleblower it knew lacked credibility, and exposed internal process failures. Both parties are now asking the Southern District of New York to erase the outstanding provisions entirely.
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