#Gemini to Settle for $5 Million#
Hot Topic Overview
Overview
Gemini has agreed to pay $5 million to settle charges brought by the Commodity Futures Trading Commission (CFTC) that it misled regulators in 2017 about the ease with which Bitcoin futures contract prices could be manipulated. The CFTC filed the charges in 2022. Gemini settled without admitting or denying wrongdoing and agreed to refrain from making false or misleading statements to the CFTC in the future. The case was scheduled to go to trial on January 21 but will now not proceed. The settlement comes as Gemini faces a separate case from the Securities and Exchange Commission (SEC) alleging that it violated securities laws.
Ace Hot Topic Analysis
Analysis
Gemini has agreed to pay $5 million to settle charges with the U.S. Commodity Futures Trading Commission (CFTC) to resolve allegations made by the CFTC in 2022 that Gemini misled U.S. regulators in 2017 about the ease of manipulating the price of Bitcoin futures contracts. Gemini settled without admitting or denying liability, and a trial that was scheduled for 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 regulatory scrutiny of the cryptocurrency industry, which has seen the agency file charges against multiple cryptocurrency exchanges, including Coinbase and Binance, for violations of securities laws. Gemini also faces a separate lawsuit from the U.S. 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) over allegations that it made misleading statements in 2017 about the ease of manipulating the price of bitcoin futures contracts.
Gemini settled without admitting or denying wrongdoing.
The settlement agreement includes an injunction barring Gemini from making future false or misleading statements to the CFTC.
Gemini also faces a separate lawsuit from the Securities and Exchange Commission (SEC) alleging that it violated securities laws.