Cryptocurrency exchange Gemini, owned by Cameron and Tyler Winklevoss, pays $5 million to CFTC, ending the regulator's lawsuit - The Daily Hodl
cryptocurrency exchange #Gemini has agreed to pay a $5 million civil penalty to the U. S. Commodity Futures Trading Commission (CFTC). The #cryptocurrency exchange has agreed to pay and end the lawsuit.
the CFTC sued Gemini for making false and incomplete statements regarding the 2017 valuation period for the exchange's proposed #bitcoin (BTC) futures contract product dating back to 2022.
Gemini, run by twin brothers Cameron Winklevoss and Tyler Winklevoss, made false or misleading statements regarding whether the proposed bitcoin futures contracts were subject to manipulation. It is alleged that the trial
was scheduled to begin on January 21, the day after the inauguration of President-elect Donald Trump. The Winklevoss brothers donated $1 million worth of BTC each to Trump's election campaign in June.
Tyler Winklevoss also claimed that the Biden and Harris administrations unleashed "four years of terror" on the crypto industry. Cameron estimated that the policies of the outgoing administration cost the sector $500 million in legal fees.
District Court Judge Alvin C. Hellerstein ordered Gemini to pay $5 million within 10 days of the consent decree he signed Monday, according to court documents. .
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