A federal judge dismissed a rare joint application between US financial regulators and Gemini Trust. The application sought to reverse an enforcement decision during the Biden administration that required the cryptocurrency exchange, headed by the billionaire Winklevoss brothers, to pay a $5 million fine. Gemini and the US Commodity Futures Trading Commission proposed in May that the settlement agreement reached in January 2025 “violates the basic principles of fair law enforcement.” According to the CFTC, internal investigations revealed improper litigation methods in the case; if during Donald Trump's presidency, regulators would not file this case, Trump's attitude towards the crypto industry would be more friendly than before. However, New York District Judge Alvin Hellerstein ruled on Thursday, stating that “neither of the above reasons are sufficient to support the withdrawal of the settlement,” and added that Gemini voluntarily signed the settlement three weeks before the trial. Neither Gemini's attorney nor the CFTC immediately responded to requests for comment.
Zhitongcaijing · 1d ago
Share
Listen to the news
A federal judge dismissed a rare joint application between US financial regulators and Gemini Trust. The application sought to reverse an enforcement decision during the Biden administration that required the cryptocurrency exchange, headed by the billionaire Winklevoss brothers, to pay a $5 million fine. Gemini and the US Commodity Futures Trading Commission proposed in May that the settlement agreement reached in January 2025 “violates the basic principles of fair law enforcement.” According to the CFTC, internal investigations revealed improper litigation methods in the case; if during Donald Trump's presidency, regulators would not file this case, Trump's attitude towards the crypto industry would be more friendly than before. However, New York District Judge Alvin Hellerstein ruled on Thursday, stating that “neither of the above reasons are sufficient to support the withdrawal of the settlement,” and added that Gemini voluntarily signed the settlement three weeks before the trial. Neither Gemini's attorney nor the CFTC immediately responded to requests for comment.
Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.
What's Trending