Gemini Settles with CFTC Over Bitcoin Futures Claims

Summary:* Gemini Trust Co., the crypto exchange led by the Winklevoss twins, agreed to pay a $5 million fine to the U.S. CFTC to settle a long-running case about its 2017 Bitcoin futures product. The CFTC had sued Gemini in 2022, alleging the firm made false or misleading statements during the 2017 review process for a Bitcoin futures contract (which was to be based on Gemini’s market data) (Gemini agrees to $5 mln fine, injunction over CFTC charges, filing shows | Reuters) (Gemini agrees to $5 mln fine, injunction over CFTC charges, filing shows | Reuters). In early January, Gemini reached a consent order withou*t admitting wrongdoing, also accepting a permanent injunction on further violations (Gemini agrees to $5 mln fine, injunction over CFTC charges, filing shows | Reuters) (Gemini agrees to $5 mln fine, injunction over CFTC charges, filing shows | Reuters). This closes a chapter in one of the first U.S. crypto enforcement cases; the relatively small penalty and settlement suggest a more conciliatory regulatory climate as the industry and regulators find common ground.

Source: Reuters – Gemini to pay $5 million to settle CFTC charges (Gemini agrees to $5 mln fine, injunction over CFTC charges, filing shows | Reuters) (Gemini agrees to $5 mln fine, injunction over CFTC charges, filing shows | Reuters)