Cameron and Tyler Winklevoss’ company, Gemini Trust Co., has agreed to a settlement of $5 million with the CFTC following a complaint regarding false and misleading information submitted while trying to establish the first US-licensed Bitcoin futures contract.
The settlement, which was reached without admitting or denying liability, was reported by Bloomberg. The case was scheduled to go to trial on January 21, 2025 in Manhattan federal court.
The CFTC accused Gemini Trust of misrepresenting mechanisms for preventing manipulation in Bitcoin pricing in 2017, which were intended to serve as references for cryptocurrency derivatives.
Former SEC enforcement lawyer Marc Fagel also predicted a potential settlement in the recent Ripple SEC case, stating that both parties have appealed parts of the decision. He believes that the incoming Trump administration and SEC Chair Paul Atkins may choose not to pursue the appeal and opt for a settlement.
