According to BlockBeats, on January 7, Gemini Trust, led by Cameron and Tyler Winklevoss, agreed to pay $5 million to settle a lawsuit brought by the Commodity Futures Trading Commission (CFTC) for misleading statements made to regulators. In the "proposed consent order" signed by both parties on Monday, the company agreed to settle but neither admitted nor denied the allegations in the agency's complaint.
The CFTC filed a lawsuit against Gemini in June 2022 for making "false or misleading statements of material facts." The agency stated that Gemini made these statements to the CFTC during the period from July 2017 to around December 2017, while the company was being evaluated for Bitcoin futures contracts. The agency indicated in 2022 that Gemini allegedly made these statements regarding whether the company's proposed Bitcoin futures contracts were "susceptible to manipulation." (The Block)