The crypto exchange Gemini has agreed to pay the U.S. Commodity Futures Trading Commission (CFTC) a $5 million civil penalty to end the regulator’s lawsuit.
The CFTC filed a complaint against Gemini back in 2022, alleging the exchange made false and incomplete statements to the agency in connection with the 2017 evaluation period of a proposed Bitcoin (BTC) futures contract product.
Gemini, which is run by twin brothers Cameron and Tyler Winklevoss, allegedly submitted false or misleading statements regarding whether the proposed Bitcoin futures contract would be susceptible to manipulation.
The lawsuit was scheduled to begin on January 21st, the day after President-elect Donald Trump’s inauguration day. Each of the Winklevoss brothers donated $1 million worth of BTC to Trump’s campaign in June.
Tyler Winklevoss also argued that the Biden-Harris Administration unleashed “four years of terror” on the crypto industry, with Cameron estimating the outgoing administration’s policies cost the sector $500 million worth of legal fees.
District Judge Alvin K. Hellerstein ordered Gemini to pay the $5 million within 10 days of the consent order, which he signed on Monday, according to the court docket.
The exchange is also “permanently restrained, enjoined and prohibited from making false or misleading statements or omitting to state material facts to the Commission.”
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