{"id":111,"date":"2026-05-28T17:14:46","date_gmt":"2026-05-28T17:14:46","guid":{"rendered":"https:\/\/interstatemovingexpertss.com\/?p=111"},"modified":"2026-05-28T17:14:46","modified_gmt":"2026-05-28T17:14:46","slug":"cftc-bid-to-vacate-order-against-winklevoss-crypto-exchange-very-unusual-ex-agency-chief-says","status":"publish","type":"post","link":"https:\/\/interstatemovingexpertss.com\/?p=111","title":{"rendered":"CFTC bid to vacate order against Winklevoss&#8217; crypto exchange &#8216;very unusual,&#8217; ex-agency chief says"},"content":{"rendered":"<div>\n<div>\n<p>The move by the Commodity Futures Trading Commission to vacate a consent order against the cryptocurrency exchange company Gemini Trust is &#8220;very unusual,&#8221; a former CFTC chair told CNBC&#8217;s &#8220;Squawk on the Street&#8221; on Thursday.<\/p>\n<p>Read more <a href=\"https:\/\/interstatemovingexpertss.com\/?p=110\">Best Buy stock climbs 15% on earnings beat as retailer aims to reinvigorate sales<\/a><\/p>\n<p>Tim Massad, the former chair, also said he did not know details of the CFTC&#8217;s case against Gemini, which was founded by the Winklevoss twins, because it came after his tenure at the agency, but noted that during his tenure the CFTC&#8217;s staff &#8220;only brought cases that were strong.&#8221;<\/p>\n<p>The CFTC on Wednesday asked a New York federal court judge to vacate the January 2025 order against Gemini, which included a $5 million penalty and an injunction that barred the company from making false statements to the agency. The order was implemented in the final weeks of President Joe Biden&#8217;s administration.<\/p>\n<p>The CFTC is now run by Michael Selig, an appointee of President Donald Trump, whose 2024 election campaign received donations from the twins, Tyler and Cameron\u00a0Winklevoss.<\/p>\n<\/div>\n<div>\n<div>\n<div>\n<div>\n<h2>Read more CNBC politics coverage<\/h2>\n<div>\n<ul>\n<li>Judge tosses Kilmar Abrego Garcia charges, calls prosecution &#8216;vindictive&#8217;<\/li>\n<li>Trump skipping wedding of son Donald Jr. to Bettina Anderson<\/li>\n<li>Tulsi Gabbard resigning as Trump&#8217;s intelligence chief<\/li>\n<li>Kevin Warsh sworn in as Fed chair as Trump seeks interest rate cuts<\/li>\n<li>New lawsuits against Trump&#8217;s DOJ &#8216;lawfare&#8217; fund<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div>\n<p>&#8220;What I will say is that it&#8217;s very unusual for the CFTC to do this, to basically seek to vacate the judgment in a case that you brought,&#8221; Massad told CNBC.<\/p>\n<p>&#8220;And the second thing I would say is, in my experience, the CFTC enforcement division was very professional and acted with integrity and care,&#8221; he said. <\/p>\n<p>Read more <a href=\"https:\/\/interstatemovingexpertss.com\/?p=108\">Reality star\u2019s long shot L.A. mayoral candidacy becomes surprise test for Democrats<\/a><\/p>\n<p>&#8220;There were a lot of people who were terrific public servants who made decisions based on the law and the facts, and they only brought cases that were strong on the merits.&#8221;<\/p>\n<p>Avi Perry, an attorney who represents Gemini in the CFTC case, told CNBC in a statement,&#8221;The facts speak for themselves. This case should have never been brought, and we are thankful that the CFTC has joined us in seeking to right this wrong.&#8221;<\/p>\n<p>The CFTC, in a statement on Wednesday, said that it had decided to seek a withdrawal of the consent order after &#8220;a comprehensive review&#8221; of the investigation led to the conclusion that &#8220;the complaint should not have been filed \u2014  and would not have been under current enforcement standards.&#8221;<\/p>\n<p>&#8220;Accordingly, the CFTC determined that continuing  enforcement of the consent order&#8217;s prospective provisions serves neither  the CFTC&#8217;s mission nor the public interest,&#8221; the agency said.<\/p>\n<p>&#8220;The parties are now jointly  moving the court to vacate the consent order as to the prospective  provision because the consent order&#8217;s non-prospective provisions, such  as its imposition of a civil monetary penalty, have already been  satisfied, and applying the remaining provisions \u2014 including injunctive  relief \u2014 prospectively would not be equitable.&#8221;<\/p>\n<p>Read more <a href=\"https:\/\/interstatemovingexpertss.com\/?p=105\">New York passes Mamdani\u2019s pied-a-terre tax. Here\u2019s who pays and how much<\/a><\/p>\n<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Commodity Futures Trading Commission is looking to undo a $5 million civil penalty against the Gemini, which was founded by the Winklevoss twins.<\/p>\n","protected":false},"author":1,"featured_media":88,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CFTC bid to vacate order against Winklevoss&#039; crypto exchange &#039;very unusual,&#039; ex-agency chief says - Interstate Moving Experts<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/interstatemovingexpertss.com\/?p=111\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CFTC bid to vacate order against Winklevoss&#039; 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