Crypto Exchanges
By Steven Anderson
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Why a Settlement Reversal Is Such a Big Deal. Regulatory settlements in financial markets don't get unwound often.
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Industry Watching for Precedent. The crypto sector doesn't have a long track record of regulatory settlements getting reversed this…
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The CFTC and Gemini are asking a court to reverse their own 2025 settlement. That's not a typo.
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The original settlement came together sometime in 2025, resolving charges tied to Gemini's practices as a crypto exchange.
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A former CFTC chair has come out and called the joint reversal request "extraordinarily unusual." That's a pretty loaded phrase coming from someone who ran the agency.
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Regulatory settlements in financial markets don't get unwound often. They're designed to be durable — partly because the process of reaching them is expensive and time-consuming,…
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It's worth being clear about what we don't know here. The source material doesn't specify what new developments — if any — prompted this move.
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What's clear is that both the CFTC and Gemini are aligned on wanting the reversal. That's itself a bit strange — typically you'd expect one side to push for a do-over while the…
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More context: Jamie Dimon Slams CLARITY Act, Calls Brian Armstrongs Lobbying Push Full of Shit
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The former CFTC chair's push for transparency isn't just procedural hand-wringing. Regulatory credibility depends on consistency.
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Gemini, for its part, has been through a rough stretch with regulators over the past few years.
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No timetable has been given for the court proceedings. No detailed statement has come from either party.
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Related: CFTC Clears Kalshi to Offer Bitcoin Perpetual Futures in U.S. Market
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What happens in court will matter. If the reversal is granted, both sides will presumably need to either renegotiate terms or litigate the original charges fresh.
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