#Gemini to Settle for $5 Million#
Hot Topic Overview
Overview
Cryptocurrency exchange Gemini has agreed to pay $5 million to settle charges with the Commodity Futures Trading Commission (CFTC) over allegations that Gemini made misleading statements in 2017 about the ease of manipulating the price of Bitcoin futures contracts. Gemini settled the case without admitting or denying wrongdoing. The case was scheduled to go to trial on January 21, but the trial will no longer proceed. The settlement agreement also includes an injunction barring Gemini from making any false or misleading statements to the CFTC in the future. Gemini is also currently facing a separate lawsuit from the Securities and Exchange Commission (SEC) alleging that Gemini violated securities laws.
Ace Hot Topic Analysis
Analysis
Gemini has agreed to pay $5 million to settle charges brought by the U.S. Commodity Futures Trading Commission (CFTC) that the cryptocurrency exchange misled regulators in 2017 about the ease with which Bitcoin futures contract prices could be manipulated. The settlement, reached ahead of a trial scheduled to begin on January 21, does not involve Gemini admitting or denying liability and includes an injunction barring the company from making false or misleading statements to the CFTC in the future. Gemini is also facing a separate lawsuit from the U.S. Securities and Exchange Commission (SEC) alleging violations of securities laws. The cases reflect the growing scrutiny of the cryptocurrency industry by U.S. regulators and their enforcement actions against cryptocurrency exchanges in the absence of legislation specifically tailored to the sector.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Gemini agrees to pay $5 million to settle with the CFTC over allegations that it made misleading statements in 2017 about the ease of manipulating the price of bitcoin futures contracts.
Gemini settled without admitting or denying wrongdoing. The case was scheduled to go to trial on January 21, but the trial will no longer proceed.
The settlement agreement includes an injunction to prevent Gemini from making false or misleading statements to the commission in the future.
Gemini also faces a separate case from the Securities and Exchange Commission (SEC). In March, a judge ruled that the SEC could sue the exchange for violating securities laws.