- The Commodity Futures Trading Commission has asked a federal court to overturn a settlement with Gemini: on $ 5 million
- According to the regulator, the complaint was largely based on the testimony of whistleblowers who were not credible.
The U.S. Commodity Futures Trading Commission (CFTC) has asked a federal court to overturn a settlement with a cryptocurrency exchange. Gemini: $5 million, arguing that the agency’s enforcement actions were based on false accusations.
Recall that Gemini: paid the CFTC a fine in January 2025, during the final weeks of the Biden administration. The exchange thus settled the agency’s allegations of making false or misleading statements related to a futures contract. Bitcoin.
Now officials from the Commodity Futures Trading Commission declarethat the complaint, filed under the previous president, “relied heavily on the testimony of a whistleblower who is known to be unreliable.”
As a result, the Commodity Futures Trading Commission has concluded that continued application of the provisions of the agreement is not consistent with the purposes of the Commission or the public interest.
According to the Commission, the charges were based on testimony from a former chief operating officer. Gemini: and another subordinate who allegedly threatened Cameron and Tyler Winklevoss and “were known to lie about material facts.” Therefore, she herself Gemini: suffered from a coordinated chargeback scam involving two customers who allegedly took advantage of the exchange’s preferential fee structure.
If the United States District Court for the Southern District of New York grants the motion to vacate the settlement agreement and dismiss the case, the remaining claims Gemini: The agreement will also be revoked, including the injunction prohibiting the company from making false or misleading statements to the Commission in the future.
It should be noted that the government’s attitude toward the crypto industry changed after Donald Trump became US President. Especially since the founders Gemini: Tyler and Cameron Winklevoss (along with other industry figures) each donated $1 million to his 2024 campaign.
The new head of the CFTC supports the president’s crypto-friendly policies, for which he received the approval previously reported Wrote redaction Happy Coin News.
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