US CFTC Joins Winklevoss Twins Gemini to Withdraw $5M Penalty
Developments in CFTC v Gemini in the Last Few Days Moreover, the evidence against Gemini lacked strength and the requested evidentiary support was withheld from a Commissioner while the CFTC voted on the complaint against Gemini. The complaint put the Biden-era CFTCs internal deliberations at issue, “but then litigation counsel invoked the deliberative process privilege and interposed objections to prevent Gemini from obtaining evidence necessary to defend itself.” It added that personnel improperly influenced the regulatory authority to create settlement leverage. According to private texts between Trumps former CFTC chair pick Brian Quintenz and Tyler Winklevoss, Quintenz refused to take a position in the enforcement action until he was fully confirmed as Chair. Now, it looks like new Chairman Mike Selig sided with the Winklevoss twins in concluding the CFTC should not have brought the Gemini case. The latest CFTCs decision to drop the penalty comes amid pro-crypto regulations. In April, Gemini secured CFTC approval to operate as a Derivatives Clearing Organization (DCO), expanding footprints in the derivatives and prediction markets.