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Gemini-CFTC Trial Delayed to January 21 Amid Leadership Shift
In a sudden turn of events, the long-awaited civil trial between the United States Commodity Futures Trading Commission (CFTC) and Gemini Trust Company has been postponed until January 21, 2025. The unprecedented delay was announced by Judge Alvin Hellerstein of the US District Court for the Southern District of New York.
Originally slated to begin on January 13, the six-day delay is shrouded in mystery, with no official explanation provided by Judge Hellerstein. However, many have speculated that the timing of this postponement may not be a coincidence, given the impending inauguration of President-elect Donald Trump. It appears that the CFTC’s aggressive enforcement actions under current Chair Rostin Behnam may be about to take a drastic turn.
Gemini stands accused by the CFTC of providing false or misleading information regarding its 2017 efforts to launch Bitcoin futures contracts. The regulator is seeking monetary penalties, injunctions against future violations of the Commodity Exchange Act, and disgorgement of alleged ill-gotten gains. This sudden delay may signal a potential shift in the regulatory landscape.
The CFTC’s proactive stance on cryptocurrency enforcement has yielded impressive results under Behnam’s leadership, with a record $17 billion recovered through penalties in fiscal year 2024. However, Trump’s rumored plans to replace Behnam with a more crypto-friendly chair have sparked intense speculation about the commission’s future direction.
Source: www.cryptonewsz.com
