A federal judge has refused to cancel a $5 million settlement between cryptocurrency exchange Gemini and the U.S. Commodity Futures Trading Commission, despite both parties asking the court to reopen the matter.
U.S. District Judge Alvin Hellerstein of the Southern District of New York rejected the joint request on Oct. 15. His decision leaves in place a consent order that Gemini agreed to in January 2025, including a permanent injunction related to statements made to the CFTC.
According to Decrypt, Hellerstein concluded that neither the CFTC’s change in enforcement priorities under the current administration nor allegations of misconduct within the agency’s enforcement division provided sufficient legal grounds to vacate the judgment.
Dispute began over proposed Bitcoin futures product
The case dates back to 2022, when the CFTC accused Gemini of making false or misleading statements in connection with a proposed Bitcoin futures product. The exchange later agreed to pay $5 million and entered into the settlement roughly three weeks before the case was scheduled to go to trial.
The settlement became unusual in May 2025, when Gemini and the regulator jointly asked the court to set it aside. They argued that the original enforcement action had not met principles of fair enforcement. Hellerstein rejected that reasoning and emphasized that Gemini had voluntarily signed the agreement.
The ruling means Gemini remains subject to an injunction preventing it from making false or misleading statements to the CFTC. The order also bars the exchange from publicly denying the settlement’s findings. The agency has said it would no longer enforce that latter, gag-style provision, but the underlying judgment remains in force.
Payment stays with the government
Gemini had already paid the $5 million penalty before the joint motion was filed. The parties had previously indicated that the funds would not be returned even if the court approved their request, so the payment will remain with the government.
The decision is notable because it holds a regulator to a completed settlement after the agency itself sought to retreat from the case. It also leaves a compliance issue in place as Gemini expands activities overseen by the CFTC. The exchange recently received approval from the Mike Selig-led agency to broaden its prediction-market and perpetual-futures offerings.
The case comes as the CFTC adopts a more accommodating approach to the crypto industry. The agency has issued no-action relief allowing crypto applications to offer regulated derivatives and has outlined a plan to bring cryptocurrency exchanges under federal oversight. In Gemini’s case, however, that policy shift did not persuade the court to rewrite a signed judgment.
Moneyiar market picture
Moneyiar data at the stated times showed mixed performance among the listed assets:
- JUST (JST): $0.1354785814, down 0.16% over 24 hours and 0.96% over seven days, as of Oct. 17, 2026, at 21:53 +03:30.
- Vision (VSN): $0.0421849967, down 0.28% over 24 hours and 2.69% over seven days, as of Oct. 17, 2026, at 21:53 +03:30.
- OpenLedger (OPEN): $0.1014754745, down 1.04% over 24 hours and 10.16% over seven days, as of Oct. 15, 2026, at 00:24 +03:30.
- Ore (ORE): $109.2170464927, down 2.94% over 24 hours but up 3.14% over seven days, as of Oct. 17, 2026, at 21:54 +03:30.
