#Gemini to Settle for $5 Million#

Gemini has agreed to pay $5 million to settle charges with the U.S. Commodity Futures Trading Commission (CFTC) to resolve allegations brought by the CFTC in 2022 that Gemini misled regulators in 2017 about the ease of manipulating the price of Bitcoin futures contracts. The settlement was reached ahead of a trial that was scheduled for January 21, with Gemini settling without admitting or denying liability. The settlement also includes an injunction barring Gemini from making any false or misleading statements to the CFTC in the future. The case is part of a broader crackdown by U.S. regulators on the cryptocurrency industry, which lacks a clear regulatory framework. Gemini also faces a separate lawsuit from the U.S. Securities and Exchange Commission (SEC) alleging violations of securities laws. Despite the settlement payment, Gemini still faces the SEC lawsuit, indicating that U.S. regulators are stepping up their scrutiny of the cryptocurrency industry.