A New York federal judge has rescheduled the civil trial between the Commodity Futures Trading Commission (CFTC) and Gemini Trust Company from January 13 to January 21. In a recent filing, Judge Alvin Hellerstein declared that he would allow no further delays.
The CFTC filed the action in June 2022, alleging that Gemini provided false or misleading information in its 2017 request to issue Bitcoin futures contracts. The CFTC seeks financial penalties, the recovery of alleged unlawful gains, and steps to deter future violations of US commodity rules.
This delay comes as a new presidential administration prepares to take office on January 20, which could influence the regulatory attitude toward bitcoin firms. Changes in leadership and policy agendas could have an impact on the CFTC’s position toward Gemini and other industry participants. The date also coincides with the opening of a new congressional session on January 3, when lawmakers may discuss pending legislation to define the duties of the CFTC and the Securities and Exchange Commission (SEC) in governing the cryptocurrency sector.
The trial focuses on ongoing regulatory attempts to ensure compliance in the rapidly increasing bitcoin business. As the lawsuit progresses, it could set a precedent for how cryptocurrency exchanges deal with regulatory scrutiny and define the industry’s future.
