CFTC asks judge to toss Biden-era settlement with Winklevoss twins' crypto exchange

The Commodity Futures Trading Commission (CFTC) asked a judge Wednesday to throw out a Biden-era settlement with Gemini, the cryptocurrency exchange founded by billionaire investors Tyler and Cameron Winklevoss.

The agency said it determined that “inappropriate tactics” were used to bring the case and “extract a settlement” from Gemini, which was reached in the final weeks of the Biden administration.

“The CFTC has further determined that the Complaint should not have been filed, and that maintaining the Consent Order’s prospective provisions would be inconsistent with the treatment of other regulated entities,” the filing reads.

It also argues the settlement will “continue to have a chilling effect on both Gemini’s legitimate business operations and routine interactions” with other companies and the regulator itself.

The CFTC sued Gemini in 2022 for making false or misleading statements to the agency about a bitcoin futures contract it offered on the exchange in 2017. The contracts allow individuals to trade on the price of bitcoin at a future date.

In January 2025, the two sides agreed to a consent order, finding that Gemini violated the Commodity Exchange Act by making false statements or omitting material facts to the agency. It also required the company to pay a $5 million penalty.

A CFTC spokesperson confirmed to The Hill that Gemini paid the penalty and that the agency is not rescinding the payment, meaning the funds should not have to be returned.

The push to throw out the settlement comes as the Trump administration has walked back numerous Biden-era crypto cases or investigations.

The Securities and Exchange Commission, which largely led the push to crack down on crypto firms under the prior administration, has dismissed cases against Binance, Coinbase and Kraken and ended probes into Robinhood, Uniswap and others.