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CFTC Seeks to Vacate Gemini Penalty Order in Unusual Move

The Commodity Futures Trading Commission has petitioned a federal judge in New York to vacate a January 2025 consent order against cryptocurrency exchange Gemini Trust. The original order included a $5 million penalty and prohibited the company from making false statements to the agency. CFTC leadership under its current Trump-appointed chair Michael Selig filed the motion Wednesday to overturn the penalty, which was finalized during the Biden administration's final weeks. The Winklevoss twins, who founded Gemini, donated to Trump's 2024 campaign. A former CFTC chair called the agency's bid to vacate the order "very unusual," noting that enforcement actions brought during his tenure met strict evidentiary standards.