The Commodity Futures Trading Commission has asked a federal judge to vacate a $5 million settlement imposed last year on Gemini Trust Company, the cryptocurrency exchange founded by billionaire twins Cameron and Tyler Winklevoss. The move represents a dramatic reversal by the agency under President Donald Trump's administration.
The filing seeks to erase a Biden-era enforcement action that accused Gemini of making false or misleading statements tied to a proposed bitcoin futures product. The case had been settled shortly before Trump returned to office, with Gemini agreeing to pay a civil penalty without admitting wrongdoing, according to CNN.
