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Gemini, the crypto exchange founded by the Winklevoss twins, has agreed to pay a $5M fine to settle allegations from the Commodity Futures Trading Commission.
What's the Scoop?
- Allegations Against Gemini: The CFTC suit against Gemini is for "making material false or misleading statements" in order to help with the approval of their
Bitcoin futures product. - Avoiding Trial: The settlement helps Gemini by avoiding a trial that was set to begin on January 21.
Bankless Take
Gemini’s settlement with the CFTC marks the conclusion of yet another regulator squabble with the Biden era commission. With a number of pro-crypto candidates rumored to take over the commission under Trump, settlements like this could soon be minimized or swept over.
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