Custodia had already received confirmation from the Kansas Fed that its application was complete and had “no showstoppers”, but is yet to receive approval even after 19 months.
Custodia’s complaint notes that a master account, which provides institutions with direct access to the Fed’s payment system, is “vital” for its business.
One of the main points of the complaint is that Gemini provided misleading information on how susceptible to manipulation the BTC futures contract could be.
The CFTC seeks disgorgement of ill-gotten gains, civil monetary penalties, injunctions relating to registration and trading, and an injunction against further violations of the Commodity Exchange Act.
June 2, 2022, 6:59 PM
Founders of Gemini Tyler Winklevoss (L) and Cameron Winklevoss speak onstage during TechCrunch Disrupt NY 2015 on day 3 at The Manhattan Center on May 6, 2015 in New York City. Noam Galai/Getty Images for TechCrunch
The SEC has requested a permanent injunction against LBRY, prohibiting it from further selling its LBC token.
The decentralized content publishing platform has echoed Ripple’s statement that these lawsuits were a “tremendous threat” to the entire crypto industry.
Sign at the U.S. Securities and Exchange Commission in Washington, DC, 17 July 2015. Shutterstock