U.S. Judge Upholds Gemini’s $5 Million Settlement with CFTC
- A U.S. federal judge, Alvin Hellerstein, rejected a request from Gemini and the Commodity Futures Trading Commission (CFTC) to overturn a $5 million settlement.
- The judge ruled that the CFTC’s change of position was insufficient to void the January settlement.
- Gemini has already paid the $5 million and remains under a court order not to mislead the CFTC.
- The ruling indicates that regulatory changes in Washington D.C. do not retroactively affect prior court decisions.
- Despite this ruling, Gemini can continue operations and introduce new products in the U.S.
This decision underscores that even if regulators like the CFTC support a change, it does not invalidate existing legal agreements such as Gemini’s settlement from January.
The ruling confirms that Gemini must adhere to its $5 million settlement terms while adapting its business strategy in the U.S.(Source)
