CFTC Scraps 26-Year Non-Denial Rule in Gemini Reversal

On June 4, 2026, the CFTC revoked its longstanding non-denial settlement policy in place since 1998, allowing defendants to dispute charges as part of a broader regulatory rollback that includes annulling Gemini’s $5 million penalty. The agency had filed a joint motion with Gemini on May 28–29 to vacate the January 2025 consent order after determining the June 2022 complaint relied on a non-credible whistleblower and would not meet current standards. CFTC Chair Michael Selig publicly accused the prior administration of political targeting on June 2, following earlier dismissals by the SEC in January 2026 and approval of Gemini’s prediction-market product in December 2025. The shift signals reduced enforcement pressure on Bitcoin derivatives but introduces ongoing legal and political uncertainty.