#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 U.S. regulators in 2017 about the ease of manipulating the price of Bitcoin futures contracts. 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 the latest example of U.S. regulators taking a tougher stance on the cryptocurrency industry, following a lawsuit filed by the Securities and Exchange Commission (SEC) against Gemini alleging violations of securities laws. Despite the pressure from regulators, many observers believe that President-elect Donald Trump's supportive stance on cryptocurrencies suggests that he will appoint regulators who are less adversarial toward the industry and reduce what is known as enforcement oversight.