Judge Blocks CFTC Bid to Drop Gemini’s $5M Settlement

The ruling pushes back on the idea that a change in agency enforcement posture can retroactively reopen a closed settlement, which matters well beyond Gemini: it signals that the durability of negotiated resolutions may not depend on who is running the commission. That cuts both ways for firms weighing whether to settle or litigate, since the terms become harder to revisit once signed. The open question is whether the CFTC accepts the outcome or tests the same argument in another pending matter.