#BinanceMegadropSolv

Gemini Trust, owned by the Winklevoss twins, has agreed to pay $5 million to settle a lawsuit filed by the Commodity Futures Trading Commission (CFTC). The lawsuit alleged that Gemini misled the derivatives regulator in an attempt to launch the first regulated bitcoin futures contract in the United States.

The proposed settlement was disclosed Monday in a joint court filing by the parties. The move helped avert a trial that was scheduled to begin on Jan. 21, the day after Donald Trump was inaugurated for a second term as U.S. president. Gemini settled the case without admitting or denying liability.

The CFTC sued Gemini in 2022 in federal court in Manhattan. The lawsuit alleged that Gemini made false and misleading statements about its procedures to prevent bitcoin price manipulation. Those prices were supposed to serve as a reference for cryptocurrency-based derivatives.

The civil enforcement case against Gemini Trust is one of several court actions taken by President Joe Biden’s administration to establish regulatory authority over cryptocurrencies. Many cryptocurrency advocates hailed Trump’s election, expecting his administration to support more favorable regulation of the industry.