Financial Dispute Rescheduled: Gemini Trust vs. Commodity Futures Trading Commission
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Gemini vs. CFTC: New York Court Reschedules Civil Case to January 2025
In a recent development, the New York court has rescheduled the civil case between Gemini Trust and the Commodity Futures Trading Commission (CFTC) to January 2025. The latest update comes as a surprise, considering the anticipated trajectory of the case in the new year.
According to reports, the CFTC had accused Gemini Trust of issuing misleading material facts in connection with its Bitcoin futures product in June 2022. The regulatory body sought to compel the exchange to hand over its gains and also impose civil monetary penalties. It is essential to note that the CFTC’s pursuit of Gemini Trust is not a new development, as it has been a contentious issue for quite some time.
Notably, earlier this year, New York Attorney General Letitia James recovered $50 million from Gemini Trust to reimburse more than 230k investors in its Earn Program. Furthermore, Gemini Trust agreed to cease offering crypto lending operations in the state of New York. The exchange has been at the center of several controversial cases fueled by the 2022 crypto bear market.
The rescheduling of the civil case to January 2025 is expected to take a different trajectory following the inauguration of President-elect Donald Trump, who has hinted at considering a crypto-friendly CFTC chair, including Brian Quintenz and Summer Mersinger.
Source: coinpedia.org
