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Gemini Settles Bitcoin Lawsuit Over Misleading Statements for $5M

Gemini Settles Bitcoin Lawsuit Over Misleading Statements for $5M

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Nishica Srivastava
February 19, 2025
Gemini Settles Bitcoin Lawsuit Over Misleading Statements for $5M

Commodity Futures Trading Commission V. Gemini Trust Company, Llc

Case Background

On June 2, 2022, the Commodity Futures Trading Commission (CFTC) filed a securities lawsuit against cryptocurrency exchange Gemini Trust Company, LLC for misleading statements during its evaluation of a Bitcoin futures contract. The lawsuit was filed in the U.S. District Court for the Southern District of New York. Judge Alvin K. Hellerstein presided over this lawsuit. [Case number: 1:22cv4563]

Cause

Gemini allegedly misled the CFTC between July and December 2017. Its officers, employees, and agents made false or misleading statements and withheld key information. These statements concerned the evaluation of a bitcoin futures contract, which a designated contract market considered for self-certification. The contract’s settlement depended on Gemini’s auction-based spot bitcoin price.

The CFTC asserted that Gemini’s misrepresentations influenced its assessment of the contract’s compliance wi

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Tags

cryptocurrency
misleading
Bitcoin
securities
bitcoin