#Gemini settles $5 million lawsuit#

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 the derivatives regulator 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. Notably, Gemini still faces a lawsuit from the U.S. Securities and Exchange Commission (SEC), which alleges that Gemini and cryptocurrency lending firm Genesis Global Capital illegally raised billions of dollars in crypto assets from investors through the so-called Gemini Earn program. In February, Gemini agreed to return at least $1.1 billion to customers as part of a separate settlement with New York regulators.