US CFTC asks court to nullify $5M Gemini settlement

The U.S. Commodity Futures Trading Commission (CFTC) has filed a motion to nullify a previous settlement with crypto exchange Gemini, effectively asking the court to treat the lawsuit as if it never happened, CoinDesk reported. In January 2025, Gemini had agreed to a settlement that included a $5 million fine for allegedly making false statements regarding the difficulty of manipulating Bitcoin futures contracts. The CFTC's current position is that the original lawsuit should not have been filed. According to the report, this action reflects a shift in the agency's stance following the appointment of pro-crypto Chairman Mike Selig under the second Trump administration. If the court approves the motion, Gemini's obligation to pay the fine will be eliminated.