#Gemini to Settle for $5 Million#

Gemini has agreed to pay $5 million to settle charges with the Commodity Futures Trading Commission (CFTC) to resolve allegations brought by the CFTC in 2022 that Gemini misled regulators in 2017 about the ease with which Bitcoin futures contract prices could be manipulated. Gemini settled without admitting or denying liability, and a trial that was scheduled to begin on January 21 has been canceled. The settlement agreement also includes an injunction barring Gemini from making any false or misleading statements to the CFTC in the future. The case is one of many enforcement actions the CFTC has taken against the cryptocurrency industry, reflecting the growing scrutiny of the industry by U.S. regulators. Gemini also faces a separate charge from the Securities and Exchange Commission (SEC) alleging that Gemini violated securities laws. These cases highlight the lack of a clear regulatory framework for the cryptocurrency industry and how regulators are using existing securities and commodities laws to enforce against the industry in the absence of specific legislation targeting the sector.