#Gemini settles $5 million lawsuit#
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Overview
Gemini cryptocurrency exchange has agreed to pay $5 million to settle a lawsuit brought by the U.S. Commodity Futures Trading Commission (CFTC). The lawsuit alleged that Gemini misled derivatives regulators when it launched the first U.S.-regulated bitcoin futures contract. Gemini neither admitted nor denied liability in the case. The settlement agreement avoids a trial that was scheduled to begin on January 21. The CFTC sued Gemini in 2022, alleging that it made false and misleading statements about preventing bitcoin price manipulation. Gemini also faces a lawsuit from the U.S. Securities and Exchange Commission (SEC), which alleges that it illegally raised billions of dollars in crypto assets from investors through its Gemini Earn program.
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Analysis
Gemini has agreed to pay $5 million to settle a lawsuit brought by the U.S. Commodity Futures Trading Commission (CFTC). The lawsuit alleged that Gemini misled derivatives regulators when it launched the first U.S.-regulated bitcoin futures contract, claiming that Gemini made false and misleading statements about how it would prevent bitcoin price manipulation. Gemini neither admitted nor denied liability in the case. The settlement agreement avoids a trial that was scheduled to begin on January 21. Gemini still faces a lawsuit from the U.S. Securities and Exchange Commission (SEC), which alleges that the exchange and cryptocurrency lending firm Genesis Global Capital illegally raised billions of dollars in crypto assets from investors through a program called Gemini Earn. In February, Gemini agreed to return at least $1.1 billion to customers as part of a separate settlement with New York regulators.
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Public Sentiment
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Classic Views
Gemini agrees to pay $5 million to settle a lawsuit from the Commodity Futures Trading Commission (CFTC) to avoid a trial.
The CFTC accused Gemini of misleading the derivatives regulator when it launched bitcoin futures contracts, alleging that Gemini made false and misleading statements about how it would prevent bitcoin prices from being manipulated.
Gemini neither admitted nor denied liability in the case.
Gemini still faces a lawsuit from the Securities and Exchange Commission (SEC) alleging that the exchange and cryptocurrency lending firm Genesis Global Capital illegally raised billions of dollars in crypto assets from investors through its so-called Gemini Earn program.