On January 7, 2025, Gemini Trust, led by the Winklevoss twins, agreed to pay $5 million to resolve allegations from the Commodity Futures Trading Commission (CFTC). This settlement addresses claims that Gemini misled the regulator while attempting to launch the first US-regulated Bitcoin futures contract.
The CFTC's lawsuit, initiated in 2022, accused Gemini of providing false information to prevent market manipulation in Bitcoin prices, which were intended to serve as a benchmark for derivative contracts. The misleading statements occurred between July and December 2017, as Gemini sought self-certification for a Bitcoin futures contract tied to its trading platform's auction.
The settlement announcement halted a trial set for January 21, coinciding with Donald Trump's second presidential inauguration. The implications of this case are significant for the future of cryptocurrency regulation in the US, particularly as the Biden administration intensifies efforts to regulate the sector.
As of today, Bitcoin is trading at $102,130, marking a 10% increase over the past week.