#Gemini settles $5 million lawsuit#
Hot Topic Overview
Overview
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 derivatives regulators when it launched the first U.S.-regulated bitcoin futures contract. Gemini neither admitted nor denied wrongdoing. The settlement agreement avoids a trial that was scheduled to begin on January 21. Gemini also faces a lawsuit from the U.S. Securities and Exchange Commission (SEC), which alleges that it illegally raised billions of dollars in crypto assets from investors through its 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.
Ace Hot Topic Analysis
Analysis
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 derivatives regulators 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. Gemini still faces a lawsuit from the U.S. Securities and Exchange Commission (SEC), which alleges that the exchange and cryptocurrency lending firm Genesis Global Capital illegally raised billions of dollars in crypto assets from investors through a program called Gemini Earn. In February, Gemini agreed to return at least $1.1 billion to customers as part of a separate settlement with New York regulators.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Gemini agrees to pay $5 million to settle a lawsuit from the Commodity Futures Trading Commission (CFTC), avoiding a trial that was scheduled for January 21.
Gemini neither admitted nor denied wrongdoing in the settlement, but agreed to pay $5 million to end the CFTC's allegations.
The CFTC accused Gemini of misleading the derivatives regulator when it launched the first U.S.-regulated bitcoin futures contract, and of making false and misleading statements about how it would prevent bitcoin price manipulation.
Gemini still faces a lawsuit from the Securities and Exchange Commission (SEC), which alleges that the exchange and cryptocurrency lending firm Genesis Global Capital illegally raised billions of dollars in crypto assets from investors through a program called Gemini Earn.