The CFTC changed its mind on Gemini. The judge did not.

Two parties to a federal settlement asked to undo it after the regulator reassessed its own case. The judge refused. Gemini has already paid $5 million, but the more consequential dispute was over a continuing injunction and a court order the agency now says it would never have sought under its current standards. The ruling separates a regulator’s power to change future enforcement priorities from a court’s power to reopen an agreed judgment. A federal judge has refused to set aside Gemini’s $5 million settlement with the Commodity Futures Trading Commission after the agency joined the exchange in asking him to reverse their agreed order. In the October 15 ruling in CFTC v.

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