The crypto exchange founded by the Winklevoss twins is calling out the U.S. Commodity Futures Trading Commission like a boss.

They just filed a blistering complaint accusing the CFTC’s enforcement division of waging a seven-year lawfare war, a legal battle fueled by personal ambition and not by any genuine desire to protect consumers.

Full complaint here: https://t.co/pDf6l1pkrJ

— Eleanor Terrett (@EleanorTerrett) June 17, 2025

Corruption?

Back in 2017, Gemini’s former COO, Benjamin Small, got canned after allegedly orchestrating a $7.45 million rebate fraud scheme.

Not exactly the poster child for integrity, right? Well, Small then flips the script and files a whistleblower complaint against Gemini, claiming they misled regulators about their Bitcoin futures pricing.

But hold on, Gemini says this guy was lying through his teeth, and an arbitrator agreed, calling him out for fraudulently procuring his employment and making false statements.

Yet, the CFTC still ran with his claims, dragging Gemini through a years-long investigation that cost taxpayers millions.

Fast forward to 2022, and the CFTC sues Gemini, accusing them of making materially false or misleading statements about their Bitcoin auction pricing, statements that helped launch the first-ever Bitcoin futures contract on Cboe.

Gemini settled in January 2025, coughing up $5 million but without admitting any wrongdoing.

Why? Because sometimes, you gotta pay the piper just to stop the headache, even if you didn’t do anything wrong.

Law and order?

Now, Gemini’s lawyers aren’t holding back. They say the CFTC’s enforcement lawyers selectively and unfairly weaponized the law, chasing a high-profile win to boost their careers. But the real bad guys behind the rebate fraud?

Not a single charge. It’s like the CFTC’s playing a rigged game, targeting the innocent while the guilty walk free.

And get this, the lead prosecutor on the case left the CFTC right after the settlement to join a private law firm, proudly touting the Gemini case as a career highlight. Talk about a trophy.

Productivity

Acting CFTC Chair Caroline Pham has publicly slammed the agency’s toxic enforcement culture and is pushing for serious reforms.

Gemini says that’s a start, but real change will take serious introspection and long-term commitment. Sounds like the CFTC’s got some soul-searching to do.

Meanwhile, Gemini isn’t sitting still, but gearing up for a big expansion, eyeing a Malta license to operate across Europe and planning to go public.

So, while the CFTC’s busy playing games, Gemini’s plotting their next big move.

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