A former CFTC chair said it was “extraordinarily unusual” for the agency to try and roll back a $5 million settlement with Gemini reached under the previous administration.

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.