The legal drama between the U.S. Commodity Futures Trading Commission and Gemini Trust Company is getting a little more suspenseful, as a New York judge has decided to push back the trial date from January 13 to January 21, 2025.
The time is up
This case has been simmering since June 2022 when the CFTC accused Gemini of throwing some misleading statements into the mix regarding its 2017 bid to offer Bitcoin futures contracts.
The CFTC is after some serious consequences here, aiming for disgorgement of ill-gotten gains, civil penalties, and even injunctions against further violations of the Commodity Exchange Act.
So why the last-minute delay? Well, it just so happens that this new trial date falls right after President-elect Donald Trump’s inauguration on January 20.
With a new administration in play, things could shift for the CFTC’s stance on Gemini and other crypto players.
Regulation update?
And what this could mean for crypto regulation moving into 2025? The CFTC is run by a panel of five commissioners who serve staggered five-year terms, but if Congress decides to pass some new laws clarifying the roles of the CFTC and the SEC, we could see a shake-up in how these agencies handle crypto policy.
Rumor has it that Trump might be eyeing a new chair for the CFTC, potentially replacing Rostin Behnam with someone who’s a bit more friendly toward the crypto industry.
If that happens, we could see a whole new vibe at the CFTC.
Control
It’s worth noting that the CFTC isn’t just targeting Gemini, but of course, they aren’t that violent like the SEC, they’ve been busy filing lawsuits against several other crypto firms like FTX, Celsius, and Binance for alleged violations of U.S. commodities laws.
In fact, they reported recovering over $17 billion in monetary relief during this year, largely thanks to enforcement actions against these companies.
