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CFTC Sues Gemini Over Bitcoin Futures Case From 2017

CFTC Sues Gemini Over Bitcoin Futures Case From 2017

Gemini partnered with Cboe to try and launch what would have been the nation’s first bitcoin futures contracts.

The Commodity Futures Trading Commission (CFTC) sued Gemini Trust Company LLC Thursday on allegations the crypto exchange’s staff misled the federal regulator during Gemini’s 2017 effort to launch trading of what would have been a landmark bitcoin futures contract.

In a 28 page civil suit, the swaps regular accused Gemini, which is owned by the Winklevoss, of providing misleading answers about how easily a bitcoin futures contract’s price could be manipulated during summertime meetings in 2017. It said Gemini’s “false or misleading statements and omissions” happened in in-person meetings.

It alleged Gemini of violating the Commodity Exchange Act and various regulations.

The suit does not specify if the effort was tied to Gemini’s partnership with Cboe to launch the first bitcoin futures contracts at the time.

A spokesperson for the CFTC did not immediately return a request for comment. Gemini did not immediately comment.

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