The Commodity Futures Trading Commission and cryptocurrency exchange Gemini have filed a joint motion asking a court to reverse a settlement deal reached in 2025. A former chair of the CFTC described the request as 'extraordinarily unusual' and said the public 'deserves a better explanation' for why the reversal is being pursued.
Unusual joint motion
The filing marks a rare step: regulators and the company they settled with are now together asking a judge to undo that deal. The original settlement, reached two years ago, resolved some form of enforcement action against Gemini. Neither the CFTC nor Gemini has disclosed the terms of that agreement or the reasons behind the new request.
Reaction from former leadership
A former CFTC chair, who led the agency under a previous administration, called the joint motion 'extraordinarily unusual.' In a statement, the former chair said the public 'deserves a better explanation' for the reversal. The comment suggests that even people familiar with the agency's workings find the move surprising.
The motion itself does not provide a detailed rationale. That lack of clarity has drawn attention because the two parties are usually adversaries in court. Here, they are aligned.
The court has not yet set a hearing date. Until a ruling or a fuller explanation emerges, the joint request leaves open a central question: why both sides want to walk away from a settlement they once agreed to.
