Regulators sue Winklevoss crypto firm over futures contracts
by Russell Brandom from The Verge - All Posts on (#5ZY6P)
Tyler and Cameron Winklevoss at the Bitcoin 2021 Convention in Miami. | Photo by Joe Raedle / Getty Images On Thursday, the Commodity Futures Trading Commission (CFTC) filed suit against Gemini Trust Company, a cryptocurrency business founded by Tyler and Cameron Winklevoss. The commission alleges that Gemini misrepresented key details of its exchange and futures contracts in meetings with regulators in 2017.
As punishment, the commission is calling for civil monetary penalties and an order blocking Gemini and its affiliates from trading commodities or soliciting investments.
We look forward to definitively proving this in court."
The complaint puts particular focus on Gemini's Bitcoin Futures Contract, one of the first financial instruments allowing investors to trade on expectations of a cryptocurrency's future value. Because the futures...