“Gemini Crypto Exchange Settles With CFTC, Agrees to $5M Fine”

Winklevoss Twins and CFTC Settlement Article

A fine of $5 million has been imposed on Gemini Trust Company, which was(in conjunction with Cameron and Tyler Winklevoss), by the Commodity Future Trading Commission, which now leads to settlement on an allegation of Gemini misleading the said regulator. The charges are yet still pending as the company has neither admitted nor denied them.

Despite the criticism, Winklevoss twins seem to be encouraging pro crypto candidates and appear to have taken a pop shot at CFTC. While most proponents in the pro crypto world would prefer CFTC over SEC, the recent actions of the twins could potentially de-rail such desires.

The dispute most certainly appears to be tender, during the elections of the 2024 in which they supported trump, that CFTC accused of providing Gemini with manipulative information in regard to Bitcoin, The matter reached the court around the same time so it was bound to be a blend of drama and contention.

Moreover, Gemini has also contributed $1 million plus towards changing the pro crypto policy by targeting Senator Elizabeth Warren, a senator who openly criticizes crypto alongside praising Musk’s DOGE reforms.

In spite of the out of court settlement, the twins still likely bear some bitterness against their opponents for the two long years of legal wrangling. They have earlier lambasted the CFTC for trying to stifle prediction markets and also questioned about the next SEC Chair before the election.

During the period of Trump’s presidency, advocates from the ecosystem had argued for US CFTC assuming some of the US SEC crypto related regulatory scope. However, the Winklevoss twins have not been particularly in favor of the CFTC acting as the key regulator of crypto. The fact that this goal has been openly pushed by the new Senate Majority leader, points out to the fissures in the pro crypto camp.

Apart from supporting Trump, the twins have not put out any strong demands for future crypto regulation of the US, but have asked for actions concerning SBF political donations. The CFTC enabling forces may go ahead but more likely without the twins’ support.

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