Gemini slams CFTC over alleged misconduct, calls seven-year probe baseless

The crypto exchange gemstones belonging to Winklevoss twins filed an official complaint against the Commodity Futures Trading Commission (CFTC), pushing a legal battle of 2022.

In a recently submitted 13 pages of 13 pages letter To the Inspector General of the CFTC, Christopher Skinner, Gemini accused the agency’s application division of carrying out a “Lawfare” campaign of several years motivated by the personal ambition of the liters rather than by the public interest.

The dispute arises from the 2022 Pursuer tabled by the CFTC against Gemini. At the time, the agency said that the exchange had made misleading statements in 2017 on how its bitcoin (BTC) Auction prices could be manipulated, which leads to a regulation of $ 5 million.

According to Gemini, the case of the CFTC was based on false allegations of a former employee who was on a mission to “destroy” the company and was then tried under oath and committed fraud. The exchange added that despite this, the agency continued the case for years without producing evidence of reprehensible acts or market damage.

“It does not matter that Gemini Trust was, in fact, the victim of a fraudulent activity by several bad actors or that complaints against him are from a submission of denunciation of lies by a former discredited employee. The DOE staff were willing to burn millions of dollars in personal interests to prosecute an innocent party – all because the victory “would serve their personal interests and in Agrenda”, the letter.

Gemini also argued that the law implementation division was moving away from its mission to serve public interest and treat market players fairly, and rather abused its power. The exchange now calls for an internal responsibility for raising misconduct, highlighting reform calls within the system by the current chief of the agency, Caroline Pham.

The acting chair CFTC calls for a better regulatory era

Since its entry into office, Pham has argued for a higher level of surveillance in the regulation of the cryptography industry. According to her, the CFTC “must adopt a prospective approach” to treat conflicts of interest and the gaps left by the previous administration.

Earlier this year, Pham called For a round meeting with industry figures to promote more balanced monitoring and constructive dialogue. Her most recent comments came at the annual Coinbase summit, where she reiterated The agency focuses on fair but firm regulations that meet real concerns.

Caroline Pham also stressed that the agency will not neglect the fault, stressing that service providers and regulators must operate within the framework of the law.