‘Extraordinarily Unusual’ for CFTC to Reverse Gemini Settlement Deal: Ex-chair
The post ‘Extraordinarily Unusual’ for CFTC to Reverse Gemini Settlement Deal: Ex-chair appeared on BitcoinEthereumNews.com. A former chairman of the US Commodity Futures Trading Commission (CFTC) responded to the agency’s move to vacate a $5 million settlement with cryptocurrency company Gemini. In a Wednesday motion filed in the US District Court for the Southern District of New York, the CFTC joined the Gemini Trust Company in seeking relief from the judgment of a case initially filed in June 2022. The company reached a $5 million settlement with the CFTC in January 2025 while the agency was under former US President Joe Biden. “[T]he CFTC’s action in reversing itself on a settled case is extraordinarily unusual,” Tim Massad, a former CFTC chair and research fellow at Harvard Kennedy School, told Cointelegraph. “The explanation seems to be that the staff got it wrong, not that the law was unclear.” According to the CFTC’s motion, the agency sought relief based on claims that a whist