CFTC reverses enforcement action against Gemini, citing political targeting under Biden administration.

The Commodity Futures Trading Commission (CFTC) is reversing a previous enforcement action against crypto exchange Gemini, which was accused of misleading regulators about a bitcoin futures product. CFTC Chairman Michael Selig stated the agency was used to politically target the Winklevoss twins and the crypto industry during the Biden administration, calling the action unacceptable and promising a fresh start. This move follows the agency's recent request to vacate a January 2025 order that included a $5 million penalty and an injunction against Gemini. The reversal signals a shift in regulatory approach under the current administration and a rollback of Biden-era crypto enforcement actions.