Key Takeaways:
- The CFTC requested a federal court overturning a portion of its previous ruling against Gemini.
- Regulators admitted the original complaint relied heavily on a whistleblower considered unreliable.
- The agency reported that the case would not have been filed if digital asset enforcement guidelines had been in place at the time.
The U.S. Commodity Futures Trading Commission has reversed its own course in one of its most recent and public and crypto police actions. Now the agency says its lawsuit against Gemini Trust Company shouldn’t have been filed in the first place.
The CFTC joined Gemini in its motion for relief from the judgment that is associated with a lawsuit it filed last year against the crypto exchange. The transfer reflects a transformational approach to digital asset enforcement in line with new policy guidance from U.S. regulators.
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