Judge Refuses to Vacate Gemini’s CFTC Consent Order Despite Joint Request

A federal judge in Manhattan has refused to wipe out Gemini’s 2025 settlement order with the U.S. Commodity Futures Trading Commission, even though both the regulator and the exchange asked for that outcome. In an eight-page ruling, U.S. District Judge Alvin K. Hellerstein said the CFTC’s current view that the case should not have been brought does not justify vacating the consent order or granting other relief. The decision leaves intact both the injunction and Gemini’s agreement not to publicly deny the order’s findings. The ruling also notes that Gemini has already paid its $5 million civil penalty. The dispute traces back to a June 2022 CFTC lawsuit that accused Gemini of giving false or misleading information during the review of a proposed bitcoin futures contract tied to an auction price on Gemini’s own platform. The case settled in December 2024, and the consent order was entered on Jan. 6, 2025. On May 28, 2026, the two sides jointly asked the court to erase the order, citing a shift in enforcement policy, a digital-asset executive order signed by President Donald Trump in January 2025, and a later agency review. Hellerstein said those developments reflected changes in policy, not in law or material facts, while noting the CFTC still has discretion over whether to enforce the order under its current priorities.