CFTC sues Gemini for allegedly lying about futures valuation

The US regulator CFTC filed a lawsuit against Gemini Trust Co. in a New York court on Thursday. The CFTC alleges in the civil complaint that Gemini provided false or misleading information to the CFTC in in-person meetings and documents throughout 2017 in violation of the Commodity Exchange Act and other regulations.

The agency was investigating the possible self-certification of a Bitcoin ( BTC ) futures contract based on the Bitcoin spot rate determined by an auction on Gemini's digital asset trading platform.

The CFTC has assessed whether the proposed bitcoin futures contract is vulnerable to manipulation. The proposed bitcoin futures contract would have been one of the first publicly traded futures contracts for digital assets.

Gemini was founded by brothers Cameron and Tyler Winklevoss. The company announced on Thursday that it will lay off 10 percent of its employees as crypto market conditions are poor.

The CFTC said in a statement it is seeking restitution of ill-gotten gains, fines and cease-and-desist orders related to registration and trading, and other violations of the Commodity Exchange Act.

"This enforcement action sends a clear message that the Commission will fight to protect the integrity of the market surveillance process," Acting CFTC Director of Enforcement Gretchen Lowe said in the statement.

Gemini told Cointelegraph in a statement:

"Gemini has been a pioneer and advocate for sound regulation from day one. We've gotten permits for eight years and always done the right thing. We look forward to proving that clearly in court."

Bitcoin futures have been traded on the CBOE since December 10, 2017 and are based on the price of the cryptocurrency on cryptocurrency exchange Gemini.

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