CFTC and Gemini trial moved to January 21

A U.S. District Court judge in New York has rescheduled the trial between the Commodity Futures Trading Commission (CFTC) and Gemini Trust Company to January 21, 2025.

The trial, originally planned for January 13, was delayed by Judge Alvin Hellerstein, who stated, “no further adjournments will be granted.”

The case, filed in June 2022, alleges that Gemini provided "false or misleading statements" to the CFTC during its 2017 efforts to introduce Bitcoin futures contracts.

The CFTC's claims against Gemini include demands for “disgorgement of ill-gotten gains, civil monetary penalties, injunctions relating to registration and trading, and an injunction against further violations of the Commodity Exchange Act.”

This delay moves the trial to a period under the incoming administration of President-elect Donald Trump, who will be inaugurated on January 20.

The shift in presidential leadership could potentially influence the regulatory approach of the CFTC.

Speculation suggests Trump may consider replacing CFTC Chairman Rostin Behnam with a figure more favorable to the cryptocurrency industry.

Behnam’s current term extends until June 2026.

Since the lawsuit’s filing, the CFTC has been active in enforcing regulations against cryptocurrency companies.

High-profile cases include actions against FTX (CRYPTO:FTT), Celsius Network (CRYPTO:CEL), and Binance.

In its December 2024 report, the CFTC stated that it secured over $17 billion in monetary relief during the fiscal year, largely stemming from crypto-related enforcement actions.

The timing of the trial underscores ongoing debates over cryptocurrency regulation and the roles of the CFTC and the Securities and Exchange Commission.

With lawmakers considering legislation to clarify oversight, the outcome of this case could have wide-reaching implications for the industry.