đš CFTC Rejects Gemini's Appeal Bid, Trial Still Needed đš$ETH $SOL $MINA đ‎ïžđȘ
The Commodity Futures Trading Commission (CFTC) has responded to Gemini Trust Co.'s appeal bid, stating that even if the Second Circuit rules in Gemini's favor, a trial would still be necessary to resolve disputed facts đ€. The CFTC seeks penalties and disgorgement of profits related to allegedly misleading statements about a proposed bitcoin futures contract đ.
đ Background:
- Gemini, a crypto exchange, proposed a bitcoin futures contract, which the CFTC alleges was misleading đ.
- Gemini appealed the CFTC's decision, arguing it didn't have ultimate responsibility for the statements đ.
đ« CFTC's Response:
- The CFTC argues that even if Gemini didn't have ultimate responsibility, there are still disputed facts requiring a trial đ.
- The CFTC seeks:
- Disgorgement of ill-gotten gains đž
- Civil monetary penalties đ
- Injunctions relating to registration and trading đ«
- Injunction against further violations of the Commodity Exchange Act (CEA) đ
đźââïž Implications:
- The CFTC's response emphasizes its commitment to holding Gemini accountable for alleged misconduct đš.
- A trial would provide an opportunity for both parties to present evidence and arguments, ensuring a fair and thorough examination of the case đïž.
The CFTC's stance sets the stage for a potentially significant trial, with implications for the crypto industry and regulatory oversight đ.