🚨 CFTC Rejects Gemini's Appeal Bid, Trial Still Needed 🚨$ETH $SOL $MINA 🌏⤴️🪙
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 🤔. The CFTC seeks penalties and disgorgement of profits related to allegedly misleading statements about a proposed bitcoin futures contract 📉.
🔍 Background:
- Gemini, a crypto exchange, proposed a bitcoin futures contract, which the CFTC alleges was misleading 📊.
- Gemini appealed the CFTC's decision, arguing it didn't have ultimate responsibility for the statements 📝.
🚫 CFTC's Response:
- The CFTC argues that even if Gemini didn't have ultimate responsibility, there are still disputed facts requiring a trial 🔍.
- The CFTC seeks:
- Disgorgement of ill-gotten gains 💸
- Civil monetary penalties 📊
- Injunctions relating to registration and trading 🚫
- Injunction against further violations of the Commodity Exchange Act (CEA) 📜
👮♂️ Implications:
- The CFTC's response emphasizes its commitment to holding Gemini accountable for alleged misconduct 🚨.
- A trial would provide an opportunity for both parties to present evidence and arguments, ensuring a fair and thorough examination of the case 🏛️.
The CFTC's stance sets the stage for a potentially significant trial, with implications for the crypto industry and regulatory oversight 🌐.