Judge Alvin Hellerstein of the Southern District of New York rejected the joint motion, finding the parties' arguments did not warrant reopening the judgment. The consent order resolved a 2022 CFTC lawsuit alleging Gemini made false or misleading statements of material fact to agency staff during review of a proposed bitcoin futures contract. The court said newly acquired knowledge of facts that existed when the order was entered is not a significant change in circumstances, and that the CFTC's current view the action should not have been brought does not require vacatur. Gemini had paid the $5 million penalty.

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