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Gemini-CFTC Trial Delayed to Jan. 21 Amid Leadership Shift
The highly anticipated civil trial between the United States Commodity Futures Trading Commission (CFTC) and Gemini Trust Company has been rescheduled for January 21, 2025, as per a last-minute order from Judge Alvin Hellerstein of the US District Court for the Southern District of New York. The trial was originally set to begin on January 13.
The sudden delay raises questions about its implications on the crypto market. With a presidential administration change imminent, the shift in leadership may significantly impact regulatory attitudes toward the cryptocurrency industry. Judge Hellerstein did not provide an explanation for the rescheduling, but observers note that the timing of the delay could signal strategic considerations.
It is worth noting that the CFTC has been at the forefront of crypto enforcement actions under the current leadership. In fiscal year 2024 alone, the commission recovered a staggering $17 billion through penalties. The upcoming change in administration may lead to a shift in the agency’s focus and priorities. Some have speculated about potential changes in regulatory policies, although only time will tell.
The CFTC first filed this case against Gemini in June 2022, accusing the exchange of providing false or misleading information regarding its efforts to launch Bitcoin futures contracts in 2017. The regulator is seeking disgorgement of alleged ill-gotten gains, civil monetary penalties, and injunctions against future violations of the Commodity Exchange Act.
While the CFTC-Gemini trial’s proximity to the inauguration may be seen as a strategic move, only further information will clarify the reasons behind this delay.
Source: www.cryptonewsz.com
