Gemini co-founders Tyler Winklevoss and Cameron Winklevoss attend the company’s IPO on Nasdaq Markets in New York City, US, on September 12, 2025.
Jinnah Moon reuters
The Commodity Futures Trading Commission’s move to vacate the consent order against cryptocurrency exchange company Gemini Trust is “very unusual,” a former CFTC chair told CNBC’s “Squawk on the Street” on Thursday.
Former chairman Tim Massad said he did not know the details of the CFTC’s case against Gemini, which was founded by the Winklevoss twins, because it came after his tenure at the agency.
The CFTC on Wednesday asked a judge in federal court in New York to vacate a January 2025 order against Gemini, which included a $5 million fine and an injunction that barred the company from making false statements to the agency.
“What I would say is that it’s very unusual for the CFTC to do this, basically try to vacate the judgment in a case you brought,” Massad said.
“And the second thing I would say is, in my experience, the CFTC enforcement division was very professional and acted with integrity and care,” he said. “There were a lot of people who were brilliant public servants who made decisions based on the law and the facts, and they only brought cases that were strong on the merits.”
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