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Gemini vs. CFTC: New York Court Reschedules Civil Case to January 2025
A recent New York court ruling has postponed the civil case between Gemini Exchange and the US Commodity Futures Trading Commission (CFTC). The new hearing date is set for January 2025.
The court’s decision comes after the CFTC accused Gemini Trust of issuing misleading material facts in connection with its Bitcoin futures product. In response, the CFTC sought to compel Gemini to turn over the profits gained from this activity, along with civil monetary penalties.
It’s worth noting that earlier this year, the New York Attorney General recovered $50 million from Gemini Trust to repay more than 230k investors who were affected by the company’s Earn Program. Additionally, Gemini agreed to cease offering crypto lending operations in the state of New York.
Gemini has been at the center of several high-profile cases in recent months, including a lawsuit that alleges it and Genesis defrauded investors out of over $1.1 billion. The current situation may take on a different trajectory with the inauguration of President-elect Donald Trump in the coming weeks.
Trump is considering appointing a crypto-friendly CFTC chair, such as Brian Quintenz or Summer Mersinger, both former commissioners at the agency. This could have significant implications for the case and the overall direction of cryptocurrency regulation under his presidency.
The article highlights that this change in leadership may not only impact Gemini’s civil case but also potentially shape the future of the crypto market.
Source: coinpedia.org
