news 
Gemini Accuses CFTC of Unfair Legal Campaign in Formal Complaint
In a surprising move, Gemini has filed a formal complaint against the Commodity Futures Trading Commission’s (CFTC) Division of Enforcement (DOE), alleging an unfair and biased legal campaign. This decision is a significant escalation of the long-standing dispute between the two entities.
According to Tyler Winklevoss, co-founder of Gemini, the firm submitted complaints to the CFTC’s Office of the Inspector General on June 13. In his statement, Winklevoss emphasized that the CFTC’s lawyers have misused their offices and millions of taxpayer dollars to engage in “trophy-hunting lawfare” against Gemini, solely to advance their careers.
Gemini has maintained that it is innocent of any wrongdoing, citing a multi-million-dollar rebate fraud as the true culprit behind its alleged illegal activities. The exchange claims that the CFTC’s investigation was built on testimony from a former employee whose credibility had already been challenged.
The company argues that the DOE ignored facts and due process in favor of securing a public victory at the expense of fairness and taxpayer resources. Gemini has further contended that this action represents a misuse of government authority, betraying the CFTC’s mission to protect market participants.
This complaint comes after Gemini agreed to settle with the CFTC for $5 million, which the company views as a necessary step to avoid drawn-out legal battles and potential additional penalties. This settlement does not constitute an admission of guilt on Gemini’s part.
The exchange has called for sweeping reforms within the financial agency, emphasizing that unchecked enforcement practices have inflicted real economic harm.
Source: cryptoslate.com
