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CFTC Refuses to Revoke Gemini’s $5M Settlement
A federal judge, Alvin Hellerstein of the Southern District of New York, has denied a joint motion by the Commodity Futures Trading Commission (CFTC) and Gemini, a cryptocurrency exchange, to vacate a $5 million settlement. The judge found that neither a shift in the CFTC's enforcement priorities nor allegations of misconduct within the agency's enforcement division were sufficient grounds to reopen the signed judgment. The settlement dates back to 2022 when the CFTC charged Gemini with making false or misleading statements regarding a proposed Bitcoin futures product. Gemini had previously agreed to the $5 million penalty, and the judge's ruling leaves the settlement in place, with the money remaining with the government.