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Reading: Cryptocurrency Exchange Gives Up Its Money and Avoids the Case, What About the Ripple Case?
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EdaFace Newsfeed > Latest News > Regulations, Law & Policy > Cryptocurrency Exchange Gives Up Its Money and Avoids the Case, What About the Ripple Case?
Regulations, Law & Policy

Cryptocurrency Exchange Gives Up Its Money and Avoids the Case, What About the Ripple Case?

vitalclick
Last updated: January 6, 2025 10:09 pm
5 months ago
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Gemini Trust Co., founded by Cameron and Tyler Winklevoss, settled its dispute with the Commodity Trading Futures Trading Commission (CFTC) by paying a $5 million payment. The deal marks Gemini’s first Bitcoin subject to US regulations. $99,020.7 It involved allegations that he provided false and misleading information in an attempt to initiate the futures contract. With this agreement, Gemini ended the case without accepting liability.

Gemini CaseRipple Case Predictions

Gemini Case

According to Bloomberg, Gemini Trust resolved its dispute with the CFTC by paying a $5 million payment. The agreement canceled the Jan. 21, 2025, hearing of the lawsuit, which was filed in Manhattan federal court. Gemini stated that it does not accept any ill will or blame under this agreement.

The CFTC alleged that Gemini Trust misleadingly promoted mechanisms to prevent manipulation of Bitcoin pricing. The regulator argued that the company’s measures against price manipulation were inadequate and were not properly presented to the commission. In the process, Gemini also offered the laptops of two former executives. However, this criminal investigation did not ultimately result in any charges.

Ripple Case Predictions

The CFTC alleged that Gemini made false statements regarding its Bitcoin futures offering.

Abraham Fagel is a former SEC legal investigator and Ripple $2.4He stated that he could make a similar agreement in the SEC case. Fagel stated that both Ripple and the SEC appealed parts of the case and the penalties were put on hold.

Gemini’s deal stands out as part of the stringent regulatory measures introduced under President Joe Biden’s administration. In President Donald Trump’s second term, which will begin on January 20, 2025, more friendly policies towards the cryptocurrency industry are expected to be implemented.

Brad Garlinghouse hinted that the “Trump effect” could have major consequences on Ripple.

Garlinghouse said 75% of Ripple’s open positions are US-based, and this increased in the last six weeks of 2024 after Trump’s victory. He also highlighted that Ripple’s RLUSD stablecoin surpassed PYUSD and EURC in 24-hour trading volume.

Gemini Trust’s $5 million settlement brought an end to the dispute with the CFTC. This process shows that the role of regulatory institutions in the crypto market is important. Additionally, upcoming political change may affect the dynamics in the sector.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.

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