Under the terms of the arrangement, Gemini Trust Company might be able to skip a civil court trial, as long as it’s sanctioned by a judge, following an understanding with the U.S. Commodity Futures Trading Commission (CFTC).
As stated in court documents filed on January 6th at the US District Court for the Southern District of New York, the Commodity Futures Trading Commission (CFTC) has proposed a settlement agreement to settle all existing charges against Gemini. If this agreement is approved, Gemini would be required to pay a $5-million fine as a civil penalty and will be barred from making false or misleading statements to the CFTC in the future.
In June 2022, the Commodity Futures Trading Commission (CFTC) brought a civil lawsuit against Gemini, claiming that the cryptocurrency company made deceptive or misleading statements regarding its attempt in 2017 to offer Bitcoin (BTC) futures contracts.
According to the suggested agreement, the cryptocurrency company will admit that they ought to have recognized the provided statements as untrue or deceiving.
The statement in the filing indicates that during the specified timeframe (2016 through the Relevant Period), Gemini Trust occasionally established unique fee agreements with specific market participants, such as market makers, which were not accessible to all customers. These agreements were more advantageous than those publicly listed on their website and intended to boost trading in the Gemini Auction. However, they failed to disclose these arrangements on their site as required.
In December, a federal judge moved the commencement of the civil lawsuit between Gemini and the Commodity Futures Trading Commission (CFTC) to January 21st, stating that no more postponements would be allowed.
crypto-moon attempted to contact Gemini for their thoughts on the suggested order, however, they hadn’t responded by the time of our article release.
Windfall from enforcement actions
1) The Commodity Futures Trading Commission (CFTC) currently has multiple ongoing investigations against cryptocurrency companies due to accusations of breaking U.S. commodities regulations. Recently, the commission announced that they had obtained over $17 billion in fines, refunds, and restitutions from cases involving crypto firms during the 2024 fiscal year.
President-elect Donald Trump, due to be sworn in on January 20th, was rumored to be contemplating a change in leadership at the Commodity Futures Trading Commission (CFTC), with Rostin Behnam potentially being replaced as chair. In contrast to the US Securities and Exchange Commission — another significant financial regulator for digital assets — no CFTC commissioners have indicated their intention to step down before Trump’s presidency begins.
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2025-01-06 22:35