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Wu Shuo learned that the U.S. Commodity Futures Trading Commission (CFTC) announced that it has jointly filed a motion with the cryptocurrency trading platform Gemini in the Southern District of New York Federal Court, requesting the revocation of certain previous judgments and ongoing injunction clauses. The CFTC stated that after re-examination, it believes that the case "should not have been filed" under the current digital asset enforcement standards.
The CFTC claims that the case overly relies on testimony from a "not credible" informant and incorrectly targets Gemini, a victim of fraud, as the enforcement subject, rather than focusing on the actual fraudsters. Currently, both parties are requesting the revocation of future applicability clauses in the judgment, but previously paid civil fines and other related content remain in effect.