Gemini Trust claims it was a “selfish desire” by the Commodity Futures Trading Commission’s litigators to advance their careers that allowed “dubious” charges to be brought against the crypto exchange in 2022.
In a letter on Friday to CFTC Inspector General Christopher Skinner, Gemini alleged the agency’s Division of Enforcement lawyers relied on a dodgy whistleblower report to sue the company.
“DOE Staff selectively and unfairly weaponized the Commodity Exchange Act [....] to bring dubious false statements charges against Gemini,” lawyers for the exchange claimed.
Gemini claimed DOE staffers “were driven by a selfish desire to advance their careers by misusing their offices to obtain a high-profile ‘win’ against Gemini Trust” and that “the claims against it originated with a lie-riddled whistleblower submission by a discredited former employee.”
The CFTC sued Gemini in June 2022, alleging it made false or misleading statements in 2017 as the agency evaluated whether a Bitcoin futures contract the exchange wanted to launch was susceptible to manipulation.
Gemini paid a $5 million fine to settle the CFTC’s claims in January without admitting or denying the agency’s findings, with the exchange claiming in its letter on Friday that “it had no other choice” at the time.
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