(Bloomberg) — The Winklevoss twins’ Gemini Trust Co. agreed to pay $5 million to end a Commodity Futures Trading Commission claim that it misled the derivatives regulator in a bid to launch the first US-regulated Bitcoin futures contract.
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The proposed deal was disclosed Monday in a joint court filing by both parties, avoiding a trial set to begin Jan. 21, the day after Donald Trump will be inaugurated for his second term as US president. Gemini settled without admitting or denying liability in the case.
In 2022, the CFTC sued in Manhattan federal court claiming Gemini “made false and misleading statements” about how it would prevent manipulation in Bitcoin prices that were to serve as a reference for derivatives based on the cryptocurrency.
The Gemini Trust civil enforcement case is one of many court efforts made by President Joe Biden’s administration to assert regulatory authority over cryptocurrencies. Trump’s election was hailed by many crypto advocates who expect his administration will back more industry-friendly regulation.
Gemini in late 2017 or early 2018 turned over subpoenaed laptops from two former executives in a related criminal probe that was closed without any charges filed.
The case is Commodity Futures Trading Commission v. Gemini Trust Co., 22-cv-04563, US District Court, Southern District of New York (Manhattan).
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