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Gemini-CFTC Trial Delayed to Jan. 21 Amid Leadership Shift
In a sudden turn of events, the civil trial between the United States Commodity Futures Trading Commission (CFTC) and Gemini Trust Company has been postponed until January 21, 2025. This unexpected delay comes at a critical juncture in U.S. politics, with President-elect Donald Trump set to take office on January 20.
The original start date for the trial was slated for January 13, but Judge Alvin Hellerstein of the US District Court for the Southern District of New York has intervened, pushing back the proceedings by six days. While no official explanation has been provided for this decision, speculation is rife about its potential impact on the crypto market.
The case in question, first filed in June 2022, centers around allegations that Gemini provided false or misleading information to the CFTC regarding its efforts to launch Bitcoin futures contracts in 2017. The regulator is seeking damages, civil monetary penalties, and injunctions against future violations of the Commodity Exchange Act.
As the trial approaches, concerns are growing about the potential influence of the impending presidential administration on regulatory attitudes toward the cryptocurrency industry. Under the current leadership of Chair Rostin Behnam, the CFTC has been at the forefront of crypto enforcement actions, successfully recovering $17 billion in fiscal year 2024 through penalties.
However, there is widespread speculation that Trump’s new interest in replacing Behnam with a more crypto-friendly chair could signal a significant shift in the commission’s stance on cryptocurrency.
Source: www.cryptonewsz.com
