Page 19 - 期货和衍生品行业监管动态（2025年1月刊）

期货和衍生品行业监管动态

The Commodity Futures Trading Commission today announced the U.S. District
Court for the Southern District of New York entered a consent order against Gemini

Trust Company LLC, a New York trust company. The order includes a permanent

injunction, and finds Gemini violated the CEA and made materially false or

misleading statements or omissions to the Commission. The order requires Gemini

Trust to pay a $5 million civil monetary penalty.

“Making false or misleading statements to the CFTC in connection with a

derivatives product certification undermines the CFTC’s efforts to ensure all futures

products trading on CFTC-regulated markets comply with the CEA and CFTC

regulations and, among other things, are not readily susceptible to manipulation,” said

Director of Enforcement Ian McGinley. “This result sends a strong message that the

Commission will act to safeguard the integrity of the market oversight process,

regardless of whether the market involves complex digital asset derivative products or

more traditional commodity futures.”

Case Background

The order stems from the CFTC’s July 2, 2022, complaint against Gemini Trust.

[See CFTC Press Release No. 8540-22].

The order finds that from around July – December 2017, Gemini Trust made

statements to the Commission in connection with the potential self-certification by a

designated contract market of a bitcoin futures contract, which was to be settled by

reference to the spot bitcoin price on the relevant day as determined by an auction

held on Gemini Trust. During the self-certification process, Gemini Trust, through its

representatives, made certain statements (or failed to disclose certain facts) that

Gemini Trust reasonably should have known were false or misleading, which were

material to the Commission’s evaluation of whether the bitcoin futures contract would

be susceptible to manipulation. These included statements regarding its purported

“prefunding requirement” and the cost of capital to trade in the Gemini Trust Auction,

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