Judge refuses to let Gemini and CFTC undo $5 million settlement

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Gemini’s users and counterparties now face a status quo in which the 2025 settlement still stands, along with the exchange’s injunction and its commitment not to publicly deny the findings. The CFTC also remains bound to the court’s existing order, so the outcome is visible today in the legal terms that still govern the case. This follows the Manhattan ruling that refused to vacate the agreement.

In practice, the request to erase the settlement did not reopen the case or remove the restrictions attached to it. What was already paid stayed paid, and what was already ordered stayed ordered, even though the regulator joined the effort to revisit the deal. That leaves the earlier consent order in place exactly as entered.