The U.S. Commodity Futures Trading Commission is requesting to vacate a $5 million penalty imposed on cryptocurrency exchange Gemini Trust Company, arguing that regulators wrongly accused the firm of making false statements regarding its bitcoin futures business.
The CFTC and Gemini Trust Company have jointly filed papers to rescind a settlement reached in January 2025 during the previous administration. The penalty was related to allegations of false statements by Gemini Trust Company concerning its bitcoin futures business. The CFTC believes that the accusations were unfounded and is seeking to overturn the penalty.
