A New York federal judge has denied a request by the U.S. Commodity Futures Trading Commission (CFTC) and Gemini, the cryptocurrency exchange owned by the Winklevoss twins, to invalidate a settlement agreement. The deal, signed by Gemini to resolve a Biden-era enforcement action, was challenged on the grounds of a policy shift under the Trump administration. However, the judge ruled on Thursday that there has been no significant change in facts that would warrant overturning the settlement.
The ruling underscores the stability of regulatory agreements despite shifts in political leadership. The judge emphasized that the crypto policy changes under the Trump administration do not negate the terms of the settlement, reinforcing the binding nature of the agreement.
Gemini, co-founded by Cameron and Tyler Winklevoss, had sought to void the settlement, arguing that the regulatory environment had evolved. The CFTC also supported this request, but the court found no justification to disrupt the existing settlement.
The decision highlights the importance of regulatory consistency in the rapidly evolving cryptocurrency sector, ensuring that agreements remain enforceable regardless of political changes.