Cryptocurrency exchange Gemini has filed a complaint against the Commodity Futures Trading Commission (CFTC), accusing the agency of abuse of power and bias amid an ongoing legal battle.
Overview of Gemini's Complaint
In a 13-page letter submitted to CFTC Inspector General Christopher Skinner, Gemini claims that the agency's actions were politically motivated and baseless. The complaint is a response to a 2022 lawsuit filed by the CFTC, which accused Gemini of providing misleading information regarding its Bitcoin futures auction pricing in 2017.
Allegations of Bias
Gemini contends that the lawsuit was fueled by false claims from a former employee who has since been discredited. The exchange asserts it was the true victim of internal fraudsters while the CFTC ignored exculpatory evidence. In its letter, Gemini describes the CFTC's actions as 'lawfare' against the exchange.
Response and Possible Reforms
The complaint also stresses the need for reforms within the CFTC. Commissioner Caroline Pham has previously emphasized the necessity of enhanced accountability and balanced regulation in the crypto space. Gemini calls for the Inspector General's office to investigate alleged prosecutorial overreach, warning that adherence to self-interest rather than facts must be prevented.
Gemini's complaint against the CFTC highlights the growing tension between the crypto industry and regulators, drawing attention to the need for more transparent and fair regulation in the sector.
