[US CFTC Admits 2022 Lawsuit Against Gemini 'Should Not Have Been Filed,' Jointly Applies for Dismissal with Gemini] The U.S. Commodity Futures Trading Commission (CFTC) announced today that it has jointly applied with Gemini Trust Company LLC for a dismissal of the lawsuit filed against Gemini. The case was initiated in June 2022, and the parties reached a settlement agreement in January 2025. After a comprehensive review, the CFTC concluded that the case should not have been filed and would not have been pursued under current enforcement standards. The review identified six major issues: the lawsuit was primarily based on a whistleblower statement known to lack credibility; the investigation did not focus on the alleged fraudsters but instead targeted Gemini, which was a victim; the strength of the evidence against Gemini was questionable; key evidence was not provided to commissioners during the vote; litigation attorneys invoked deliberative privilege to block Gemini from accessing defense evidence; and certain individuals improperly leveraged CFTC regulatory authority to exert settlement pressure.