CFTC is shooting itself in the foot—how is that acceptable? They dared to sue based on an unreliable COO, and now that they've collected the money, they say the standards have changed. Can't Gemini refund that 500?

The CFTC requests the court to revoke the $5 million settlement with Gemini, claiming that the initial lawsuit was based on flawed allegations and primarily relied on statements from an untrustworthy informant, and should not have been filed under current enforcement standards. The case originated from accusations in 2022 regarding Bitcoin futures auction volume and liquidity, with informant information coming from former Gemini COO and others. Gemini has paid a fine of $5 million, but whether it will be refunded has not yet been determined.