CFTCVacating of Finemedium

Gemini

New York, NY

The CFTC asked a federal judge to vacate a $5 million civil penalty previously imposed on Gemini, the cryptocurrency exchange founded by the Winklevoss brothers. The agency joined Gemini in making the request. A onetime CFTC chair nominee alleged that Gemini's founders grilled him about the case, then lobbied the White House to stall his nomination.

The article was published on May 28, 2026. The case highlights how enforcement actions against digital asset firms can be revisited, with penalties reduced or vacated even after they have been imposed.

Implications
  1. Demonstrates regulatory enforcement actions against digital asset firms can be revisited and vacated
  2. May signal a shift in CFTC enforcement posture toward crypto firms under current administration
  3. Banks partnering with crypto exchanges should note evolving enforcement dynamics
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