According to Golden Finance, Gemini Trust, led by Cameron and Tyler Winklevoss, agreed to pay $5 million to settle a lawsuit filed by the U.S. Commodity Futures Trading Commission (CFTC) for misleading statements it made to regulators. In the "proposed consent order" signed by the two parties on Monday, the company agreed to the settlement but neither admitted nor denied the allegations in the agency's complaint.
The CFTC sued Gemini in June 2022 for making "false or misleading statements of material fact." The agency said Gemini made these statements to the CFTC between July 2017 and around December 2017, when the company was being evaluated for its bitcoin futures contracts. The agency said in 2022 that Gemini allegedly made these statements about whether the company's proposed bitcoin futures contracts were "susceptible to manipulation."