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Winklevoss Twins’ Gemini Sued by CFTC Over Bitcoin Futures

  • Regulator claims company misled staff in seeking go-ahead
  • Futures contract listed on Cboe in 2017 was first of its kind
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The Winklevoss twins’ Gemini Trust Co. is being sued by the Commodity Futures Trading Commission for allegedly misleading the derivatives regulator in a bid to launch the first US-regulated Bitcoin futures contract.

The CFTC said Thursday that Gemini “made false and misleading statements” from July to December 2017 about how it would prevent manipulation in Bitcoin prices that were to serve as a reference for the derivatives based on the cryptocurrency. In a lawsuit filed in federal court in Manhattan, the agency sought trading and registration bans, as well as fines.