The CFTC says its Gemini crypto case should never have been filed under current enforcement standards. The agency has joined Gemini in asking a federal

The regulator went back to analyze the 2022 case and decided that it wouldn't have been pursued under current management and practices.

The CFTC and Gemini Trust jointly asked a judge to vacate a $5M penalty, with the regulator saying it should never have accused the exchange of false statements.