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Crypto.com

CFTC Charges Resolved: Crypto Exchange Gemini Strikes $5 Million Deal In Proposed Order

Ronaldo Marquez
by Ronaldo Marquez
7 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a major advancement for the cryptocurrency sector, Gemini Trust, headed by the Winklevoss twins, Tyler and Cameron Winklevoss, has consented to pay $5 million to resolve allegations made by the Commodity Futures Trading Commission (CFTC). 

Gemini Addresses CFTC Claims Of Deception In Bitcoin Futures Launch

According to a Bloomberg report, the agreement seeks to address allegations that the exchange allegedly deceived the regulator while trying to launch the inaugural US-regulated Bitcoin futures contract. 

The suggested agreement was revealed in a combined court submission on Monday, preventing a trial that was scheduled to start on January 21, coinciding with Donald Trump’s second inauguration as US president.

Related Reading: Ethereum Founder Buterin Proposes Defense Strategy Against AI Doom Scenario

The CFTC first initiated its lawsuit in 2022, claiming that Gemini issued “false and misleading statements” about its actions to avert market manipulation in Bitcoin prices. These prices were meant to act as a benchmark for derivative agreements related to the cryptocurrency. 

The complaint states that from July to December 2017, Gemini, directly and via other means, supplied the CFTC with deceptive information while it assessed a possible self-certification for a Bitcoin futures contract.

The suggested futures contract would be settled according to the spot Bitcoin price established by an auction held on Gemini’s trading platform for digital assets, referred to as the Gemini Bitcoin Auction. 

The CFTC asserted that several statements issued by Gemini were misleading or failed to include vital information necessary for grasping the vulnerability of the suggested contract to manipulation.

Regulatory Oversight In Cryptocurrency Sector

As stated in the complaint, Gemini staff allegedly knew or ought to have known that their remarks might deceive the CFTC, which depends on precise information from market participants to carry out its regulatory duties. 

This suggested Bitcoin futures contract was especially important as it was slated to be among the initial digital asset futures contracts offered on a specified contract market.

The reliability of the information given was crucial for the CFTC to maintain the financial integrity of transactions and safeguard market participants from manipulation and other disturbances.

Related Reading: Why You Should Expect A Strong Bullish Move From The Dogecoin Price After Its 46% Crash

This civil enforcement action involving Gemini was part of a larger effort by the Biden administration to create regulatory control over the cryptocurrency industry. 

The upcoming inauguration of Trump, seen by numerous crypto supporters as a possible ally for the sector, brings up queries regarding the future of cryptocurrency regulation in the US.

In a similar vein, Gemini had earlier complied with subpoenas requesting laptops from two ex-executives during a criminal investigation that eventually ended without any charges being brought. 

Gemini
The 1D chart shows BTC’s price surge beyond the $100,000 once again on Monday. Source: BTCUSDT on TradingView.com

At the time of writing, the market’s leading cryptocurrency, Bitcoin, is trading at $102,130 for the first time in over two weeks, up more than 10% on a weekly basis. 

Featured image from DALL-E, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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