Winklevoss Twins’ Gemini Pays $5 Million Settlement with CFTC | Airdrop Alert Pro

The Winklevoss twins’ Gemini agreed to settle with the CFTC and pay a $5 million fine. Gemini has neither confirmed nor denied the accusations of misleading financial regulators.

Taylor and Cameron Winklevoss made significant efforts to support pro-crypto candidates in the last election, but have criticized the CFTC on multiple issues. Many industry advocates want the U.S. Commodity Futures Trading Commission (CFTC) to take over cryptocurrency regulation from the U.S. Securities and Exchange Commission (SEC), but the twins could complicate that effort.

Winklevoss Twins reach settlement with CFTC

Gemini Trust Company, Founded by twins Cameron and Tyler Winklevosshas been successful avoid Court proceedings with the CFTC. this legal battle start In 2022, the CFTC sued Gemini, accusing it of lying about its methods to prevent Bitcoin price manipulation.

“After (CBOE) certifies Gemini’s proposal futures Because the contract was eligible for listing, the CFTC began its own investigation under its statutory authority. The CFTC alleged that Gemini’s statements were false and misleading on material issues, leading to the lawsuit. ” its complaint reads.

Pending a settlement, the two sides will go to court one day after President-elect Trump takes office. twin strongly support him That could make a public legal battle more embarrassing in the 2024 election.

In fact, Cameron and Tyler Winklevoss recently tried Influencing policies supporting cryptocurrencies In many ways outside of the CFTC.

For example, They donated $1 million Last November, an attempt to oust notorious cryptocurrency opponent Senator Elizabeth Warren failed. they also Praise for Elon Musk’s DOGE reforms.

While the legal battle may have ended in a settlement, the litigation dragged on for two years. As a result, the Winklevoss twins may continue to hold acrimonious feelings.

Back in August, the twins Criticism of the U.S. Commodity Futures Trading Commission Trying to limit prediction markets. Furthermore, before the election, they Asking for clarity on who the next SEC chairman will be may be.

However, since Trump was elected president, some in the industry have called for CFTC takes over some cryptocurrency regulation from SEC Responsibilities.

For obvious reasons, neither Taylor nor Cameron Winklevoss have thrown their weight behind the CFTC as the primary cryptocurrency regulator. still, new senate majority leader supports this goal and adds additional motivation. The entire incident shows the cracks that may be emerging in the seemingly unified pro-crypto alliance.

That said, the pair didn’t make many specific demands for the future of cryptocurrency regulation in the United States, beyond their efforts to put Trump in the White House. After the election, they Prosecutors urged to investigate SBF political donations But there are no other specific requirements.

Overall, efforts to empower the CFTC with regulatory responsibilities are likely to move forward, but possibly without Winklevoss’ support.