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Judge Rejects CFTC, Gemini Bid to Overturn $5 Million Crypto Settlement
A Manhattan federal judge has rejected a joint request by the U.S. Commodity Futures Trading Commission (CFTC) and Gemini Trust Co. to overturn a $5 million settlement reached in January 2025. The judge, Alvin Hellerstein, ruled that the parties had failed to meet the legal requirements for canceling the agreement. They argued that the case would not have proceeded under President Donald Trump's crypto enforcement priorities. The CFTC sued Gemini in June 2022, alleging false or misleading statements during the review of its proposed Bitcoin futures contract. The case continued for over three years before Gemini settled shortly before trial. The judge's decision leaves the original agreement and penalty intact.