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Crypto Potato 2025-01-07 22:29:04

Gemini Trust Settles CFTC Lawsuit for $5M Over Bitcoin Futures Contract Allegations: Report

Gemini Trust Settles CFTC Lawsuit for $5M Over Bitcoin Futures Contract Allegations: Report

Gemini Trust Co. has agreed to pay $5 million to settle a Commodity Futures Trading Commission (CFTC) lawsuit that accused the firm of misleading authorities during its attempt to launch the first U.S.-regulated Bitcoin futures contract. The agreement was revealed Monday in a proposed consent order filed in the U.S. District Court for the Southern District of New York. Details from the Settlement According to a Bloomberg report, Gemini will close the case without admitting or denying liability. This resolution also avoids a trial that was originally scheduled to begin on January 21, with a pre-trial conference set for January 13. In 2022, the CFTC filed a lawsuit against the company in Manhattan’s federal court, alleging that it had provided inaccurate and misleading information about its strategies to prevent Bitcoin price manipulation. The statements in question were allegedly made between July and December 2017 as part of the firm’s efforts to gain regulatory approval for a Bitcoin futures contract. Essentially, the watchdog was implying that safeguards to prevent price manipulation were inadequate and not accurately described to the commission. Gemini consistently denied any wrongdoing, maintaining that the proposed futures contract performed as intended without causing investor harm. In an August 2022 statement responding to the complaint, the company asserted: “The reference price was reliable, no investors were harmed, no price manipulation occurred, and the CFTC has not alleged any concerns with the contract itself.” During the investigation, it complied with a subpoena by providing laptops belonging to two former executives as part of a related criminal inquiry. That criminal probe concluded without charges, but the civil enforcement case remained active, ultimately leading to the $5 million settlement. The Trump Effect The action against Gemini is among many cases brought during Joe Biden’s administration, which has emphasized stricter regulatory oversight of the crypto industry. However, with President Donald Trump set to assume office for a second term on January 20, crypto advocates anticipate a more lenient regulatory environment. Ripple CEO Brad Garlinghouse recently pointed to a “Trump effect” on the company’s strategy. He noted that 75% of Ripple’s job openings are now U.S.-based, a major shift after years of expanding internationally due to regulatory uncertainty under outgoing Securities and Exchange Commission (SEC) Chair Gary Gensler. Garlinghouse highlighted that the firm closed more U.S. business deals in the last six weeks of 2024 than in the previous six months combined. Meanwhile, the upcoming inauguration has fueled a rally in Trump-themed meme coins, some of which have seen double- and triple-digit gains as market optimism grows in anticipation of friendlier crypto policies. The post Gemini Trust Settles CFTC Lawsuit for $5M Over Bitcoin Futures Contract Allegations: Report appeared first on CryptoPotato .

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