Michaela
Judge Alvin Hellerstein, a New York federal judge, has postponed the trial between the Commodity Futures Trading Commission (CFTC) and Gemini Trust Company by six days, emphasizing that no further delays will be granted. The CFTC vs. Gemini trial, originally set for January 13, has been rescheduled to begin the day after President-elect Donald Trump’s inauguration, pushing the start of the civil case into the new administration.
This move could influence the CFTC’s approach to Gemini and other cryptocurrency firms, as regulatory priorities may shift under the new leadership of the incoming administration.
The December 30 filing did not specify the reasons behind the change in the trial date.
CFTC Vs. Gemini
The CFTC vs. Gemini lawsuit, filed in June 2022, accused the company of providing misleading or false information to the agency about its 2017 attempt to launch futures contracts for Bitcoin.
Related: Florida Court Lets $80M Binance Bitcoin Lawsuit Move Forward
The agency is pursuing financial penalties, the recovery of illicit profits, and additional actions aimed at preventing future violations of the Commodity Exchange Act.
The trial comes at a time of increased debate in Washington over cryptocurrency regulations. With a new Congress set to convene on January 3, pending legislation could clarify the roles of the CFTC and the Securities and Exchange Commission (SEC) in regulating the crypto industry.
Possible CFTC Chairman Replacement?
Rostin Behnam, the current chairman of the CFTC whose term runs until 2026, may be replaced under the new administration, potentially impacting the agency’s approach to cryptocurrency enforcement.
Related: US CFTC Approves Spot Crypto Trading on Regulated Exchanges
Reports indicate that Brian Quintenz, the current Chief of Policy at a16z, is considered the leading candidate to head the CFTC. His deep expertise in crypto policy, along with his previous role as a CFTC Commissioner during both the Obama and Trump administrations, strengthens his potential to lead the agency.
Recent reports have also revealed that Quintenz has been working closely with the Trump transition team on cryptocurrency policy matters. Notably, he has teamed up with David Sacks, the appointed AI and Crypto Czar, to influence the administration’s approach to digital assets.
Read More
- Trump Weighs Pro-Crypto Leaders Perianne Boring, Caroline Pham for CFTC Chair
- Trump Administration Eyes CFTC for Crypto Oversight, Potentially Sidelining SEC
- Crypto Regulation Efforts in the US Stalled, Says CFTC Chair
MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
