#Gemini to Settle for $5 Million#
Hot Topic Overview
Overview
Gemini has paid $5 million to settle charges with the U.S. Commodity Futures Trading Commission (CFTC) to resolve allegations brought by the CFTC in 2022 that Gemini misled regulators in 2017 about the ease with which Bitcoin futures contract prices could be manipulated. The settlement agreement neither admits nor denies liability by Gemini and includes an injunction barring Gemini from making any false or misleading statements to the CFTC in the future. The case was originally scheduled to go to trial on January 21, but has now been canceled. Gemini also faces a separate lawsuit from the U.S. Securities and Exchange Commission (SEC) alleging that Gemini violated securities laws.
Ace Hot Topic Analysis
Analysis
Gemini has agreed to pay $5 million to settle charges with the Commodity Futures Trading Commission (CFTC) to resolve allegations brought by the CFTC in 2022 that Gemini misled regulators in 2017 about the ease with which Bitcoin futures contract prices could be manipulated. Gemini settled without admitting or denying liability, and a trial that was scheduled to begin on January 21 has been canceled. The settlement agreement also includes an injunction barring Gemini from making any false or misleading statements to the CFTC in the future. The case is part of the CFTC's enforcement actions against the cryptocurrency industry, where the CFTC and other regulators have sued multiple cryptocurrency exchanges, including Coinbase and Binance, for alleged violations of securities laws in the absence of specific legislation governing the cryptocurrency industry. Gemini is also currently facing a separate charge from the Securities and Exchange Commission (SEC), which alleges that Gemini violated securities laws.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Gemini agrees to pay $5 million to settle charges with the Commodity Futures Trading Commission (CFTC) that it made misleading statements about the ease of manipulating the price of bitcoin futures contracts in 2017.
Gemini settled without admitting or denying wrongdoing.
The settlement includes an injunction barring Gemini from making false or misleading statements to the CFTC in the future.
Gemini also faces a separate case from the Securities and Exchange Commission (SEC), which alleges that it violated securities laws.