Crypto versus the government! Who wins?
The United States Commodity Futures Trading Commission filed suit against Gemini Trust Co. in the U.S. Southern District Court of New York on Thursday. The CFTC
in the civil suit that Gemini made false or misleading statements to the CFTC in 2017 during in-person meetings and in documents, violating the Commodity Exchange Act and other regulations. The agency was making an evaluation of the potential self-certification of a Bitcoin futures contract to be based on the spot Bitcoin price determined by an auction held on Gemini’s digital asset trading platform.
The CFTC was considering whether the proposed Bitcoin futures contract would be susceptible to manipulation. The proposed Bitcoin futures contract would have been among the first digital asset futures contracts listed.and is preparing to lay off 10% of its workers due to the crypto market downturn.that it is seeking disgorgement of ill-gotten gains, monetary penalties and injunctions relating to registration and trading and against further violations of the Commodity Exchange Act.
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