CFTC and Gemini Jointly Seek to Void January 2025 Consent Order
The U.S. Commodity Futures Trading Commission (CFTC) and crypto exchange Gemini have jointly filed a motion for relief from judgment, seeking to undo a January 2025 consent order that imposed a $5 million penalty on Gemini. The regulator now states the original 2022 complaint "should not have been filed" and was largely based on a whistleblower account "known to be lacking in credibility," calling Gemini a "fraud victim." The CFTC acknowledged personnel "improperly influenced" the agency's authority to create settlement leverage. This reversal follows leadership changes: Michael Selig became CFTC Chair in December 2025 after Brian Quintenz's withdrawal. Gemini had contested the enforcement, filing a complaint with the CFTC Inspector General in June 2025 alleging abusive investigation. The case's resolution aligns with Gemini's pivot to prediction markets; its Titan subsidiary became a Designated Contract Market in December 2025, and Olympus received a DCO license in May 2026. The founders believe prediction markets could surpass traditional capital markets.
Key facts
- CFTC and Gemini jointly filed to void January 2025 consent order.
- CFTC says original complaint should not have been filed.
- Regulator cites whistleblower lacking credibility; calls Gemini fraud victim.
- New CFTC Chair Michael Selig appointed in Dec 2025 after Quintenz withdrawal.
- Gemini pivots to prediction markets; Titan and Olympus get regulatory approvals.