#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) to resolve allegations made by the CFTC in 2022 that Gemini misled 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 also includes an injunction barring Gemini from making false or misleading statements to the CFTC. Notably, Gemini is also facing a separate lawsuit from the Securities and Exchange Commission (SEC) alleging violations of securities laws.
Ace Hot Topic Analysis
Analysis
Gemini has agreed to pay $5 million to settle charges from the Commodity Futures Trading Commission (CFTC) that it misled regulators in 2017 about the ease with which it could manipulate the price of Bitcoin futures contracts. Gemini settled without admitting or denying wrongdoing, and a trial that was scheduled for January 21 has been canceled. The settlement also includes an injunction barring Gemini from making false or misleading statements to the CFTC in the future. The case is part of the CFTC’s regulatory crackdown on the cryptocurrency industry, which has seen the agency sue multiple cryptocurrency exchanges, including Coinbase and Binance, for securities law violations in the absence of specific legislation governing the industry. Gemini also faces a separate case from the Securities and Exchange Commission (SEC), which is suing the exchange for securities law violations.
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 in 2017 about the ease of manipulating the price of bitcoin futures contracts.
Gemini settled without admitting or denying wrongdoing. The case was scheduled to go to trial on January 21, but the trial will no longer take place.
The settlement agreement includes an injunction preventing 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). In March, a judge ruled that the SEC could sue the exchange for violating securities laws.