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GEMINI AGREES TO PAY $5M SETTLEMENT IN CFTC CASE


THE COMMODITY FUTURES TRADING COMMISSION SUED GEMINI IN 2022 FOR MAKING
MISLEADING STATEMENTS.

By Camomile Shumba|Edited by Sheldon Reback, Nikhilesh De
Updated Jan 7, 2025, 2:17 p.m. UTCPublished Jan 7, 2025, 11:57 a.m. UTC
Gemini, co-founders Cameron and Tyler Winklevoss (Joe Raedle / Getty Images)

WHAT TO KNOW:

 * Crypto exchange Gemini agreed to pay $5 million to settle a case with the
   U.S. Commodity Futures Trading Commission.
 * The CFTC alleged in 2022 that Gemini made misleading statements about how
   easily Bitcoin futures could be manipulated.



Crypto exchange Gemini agreed to pay $5 million to settle a case with the U.S.
Commodity Futures Trading Commission over allegedly misleading statements it
made more than seven years ago about how easily the price of a bitcoin futures
contract could be manipulated.



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Cameron and Tyler Winklevoss' exchange settled without admitting or denying
liability, according to a letter on Monday from the CFTC's attorney, K. Brent
Tomer. A trial for the case had been set to start Jan. 21, but that will no
longer proceed.



The CFTC sued Gemini in 2022, alleging it had misled the U.S. regulator during
in-person meetings that occurred in 2017.



Part of the deal also included an injunction to prevent Gemini from making false
or misleading statements to the commission in the future. These types of
injunctions are common in settlements or lawsuits by federal securities and
commodities regulators.



Gemini also faces another case with the Securities and Exchange Commission
(SEC). A judge ruled in March that the SEC could sue the exchange for violating
securities laws.



In the absence of legislation relating specifically to the crypto industry, U.S.
regulators have sued a number of crypto exchanges, including Coinbase and
Binance, for violating securities laws.





Many observers have said pro-crypto comments made by President-elect Donald
Trump indicate he will appoint regulators with a less confrontational attitude
to the industry and a reduction in so-called regulation by enforcement.

PolicyCFTCGeminiUse Cases

CAMOMILE SHUMBA

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously,
Shumba interned at Business Insider and Bloomberg. Camomile has featured in
Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com
and South West Londoner. Shumba studied politics, philosophy and economics as a
combined degree at the University of East Anglia before doing a postgraduate
degree in multimedia journalism. While she did her undergraduate degree she had
an award-winning radio show on making a difference. She does not currently hold
value in any digital currencies or projects.

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