A U.S. federal judge has officially denied a joint motion filed by the cryptocurrency exchange Gemini and the Commodity Futures Trading Commission (CFTC) that sought to vacate a previously agreed-upon $5 million settlement. The settlement was originally established to resolve regulatory allegations concerning the exchange's operations and compliance standards.

While the specific legal reasoning behind the judge's denial was not detailed in the initial reports, the decision effectively keeps the original settlement terms in place. The joint bid to undo the agreement had been an attempt by both the regulator and the firm to alter the outcome of the case, a move that the court has now blocked. The ruling underscores the judiciary's role in overseeing regulatory settlements, even when both the government agency and the private entity involved in the dispute agree that a change is warranted. Gemini has not yet issued a public statement regarding potential next steps or an appeal process following the court's refusal to grant the motion.