CFTC Requests Dismissal of Gemini's $5 Million Fine
The U.S. Commodity Futures Trading Commission (CFTC) has asked a court to dismiss a $5 million fine against crypto exchange Gemini that was imposed by settlement in early 2025.
The company and its founders, twin brothers Tyler Winklevoss and Cameron Winklevoss, now claim that the case should be dismissed because the regulator's position on crypto policy has changed under the Donald Trump administration.
Gemini paid the $5 million fine in January 2025, during the final phase of the Joe Biden administration, and agreed not to make false or misleading statements to the CFTC.
In new joint court documents, both parties assert that the investigation at that time was based on unreliable information and that Gemini was actually the victim of fraud by a former operations director and two users.
It has also emerged that the regulator exerted pressure on the company, including by suspending approval of new products while the legal dispute was ongoing.
The case reflects the shift in crypto regulation policy in the United States and how previous legal settlements may be reconsidered under a new administration.
