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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 postponed until January 21, 2025, following a last-minute order from Judge Alvin Hellerstein of the US District Court for the Southern District of New York. Initially scheduled to take place on January 13, this six-day delay coincides with a pivotal moment in U.S. politics, as President-elect Donald Trump is set to be inaugurated on January 20.
The case was first filed in June 2022, accusing Gemini of providing false or misleading information to the CFTC 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.
The timing of the delay has sparked discussion about its potential impacts on the crypto market. With a presidential administration poised to take office, the shift in leadership may influence regulatory attitudes toward the cryptocurrency industry. Although Judge Hellerstein did not provide an explanation for the rescheduling, observers note that the trial’s proximity to the inauguration could signify strategic considerations.
It is worth noting that the CFTC, under the leadership of Chair Rostin Behnam, has been at the forefront of crypto enforcement actions, having recovered $17 billion in fiscal year 2024 through penalties. However, Trump’s new interest in replacing Behnam with a crypto-friendly chair raises questions about the commission’s future direction.
Source: www.cryptonewsz.com
