CFTC bid to vacate order against Winklevoss' crypto exchange 'very unusual': e agency chief
The move by the Commodity Futures Trading Commission to vacate a consent order against the cryptocurrency exchange company Gemini Trust is "very unusual," a former
The move by the Commodity Futures Trading Commission to vacate a consent order against the cryptocurrency exchange company Gemini Trust is "very unusual," a former CFTC chair told CNBC's "Squawk on the Street" on Thursday. Tim Massad, the former chair, also said he did not know details of the CFTC's case against Gemini, which was founded by the Winklevoss twins, because it came after his tenure at the agency, but noted that during his tenure, the CFTC's staff "only brought cases that were strong." The CFTC on Wednesday asked a New York federal court judge to vacate the January 2025 order against Gemini, which included a $5 million penalty and an injunction that barred the company from making false statements to the agency.
The order was implemented in the final weeks of President Joe Biden's administration, and related to false statements that Gemini made in the second half of 2017 to the CFTC about
a bitcoin futures contract. The CFTC is now run by Michael Selig, an appointee of President Donald Trump, whose 2024 election campaign received donations from the twins, Tyler and Cameron Winklevoss.
The $5 million already paid by Gemini would not be returned to the company if a judge signs off on the request that the consent order be lifted, according to the CFTC.
The BriefWire