A New York federal judge has postponed the trial between the Commodity Futures Trading Commission (CFTC) and Gemini Trust Company, originally scheduled to begin on January 13. Judge Alvin Hellerstein announced on December 30 that the trial will now start on January 21, emphasizing that “no further adjournments will be granted.” The six-day delay pushes the trial into the new presidential administration, with President-elect Donald Trump set to take office on January 20. Delay Could Benefit Crypto Firms The shift could have implications for the CFTC’s stance on Gemini and other cryptocurrency firms, as regulatory priorities may evolve under new leadership. Judge Hellerstein did not provide specific reasons for the date change. The case, filed in June 2022, accuses Gemini of providing false or misleading information to the CFTC regarding its 2017 bid to offer Bitcoin futures contracts. The commission is seeking financial penalties, the disgorgement of ill-gotten gains, and other measures to prevent future violations of the Commodity Exchange Act. The trial’s timing coincides with heightened discussions in Washington about cryptocurrency regulation. A new Congress convenes on January 3, and pending legislation could further define the roles of the CFTC and the Securities and Exchange Commission (SEC) in overseeing the crypto industry. Crypto in the court, more trial date movements, in CFTC v. Gemini Trust Company, the trial previously scheduled to begin on Jan 13, 2025 is hereby adjourned to Jan 21, no further adjournments will be granted. Inner City Press on the case(s) pic.twitter.com/TzEWE8tnZW — Inner City Press (@innercitypress) December 30, 2024 The CFTC’s current chairman, Rostin Behnam, whose term ends in 2026, could face replacement under the Trump administration, potentially influencing the regulator’s approach to crypto enforcement. The CFTC has been active in pursuing crypto firms for alleged violations, including actions against FTX, Celsius, and Binance. In its 2024 fiscal report, the agency disclosed over $17 billion in monetary recoveries, largely from enforcement efforts targeting cryptocurrency companies. Gemini Gains Preliminary Approval From Singapore Regulator In October, Gemini secured in-principle approval from the Monetary Authority of Singapore (MAS), the country’s financial regulator. The preliminary nod allows Gemini to offer cross-border money transfer and digital payment token services. “While the US remains our largest market and global headquarters, Asia and Singapore in particular play a crucial role in our global strategy,” Saad Ahmed, who oversees Gemini’s operations in the Asia-Pacific region, said. With a footprint in around 70 countries, Singapore stands out as Gemini’s second-largest market by customer base. It trails only the US. The expansion efforts come as regulatory pressures have intensified in the domestic market. Ahmed said that Singapore is important in Gemini’s regional ambitions, noting that the city-state will serve as the company’s Asia-Pacific hub. “We are building the required capabilities here to drive operations across the region,” he added. In 2022, the Singapore regulator said that Gemini Trust Company had an exemption from licensing . At the same time, Genesis Asia Pacific, a subsidiary of Genesis Group, was granted an in-principle approval to offer DPT. Furthermore, Gemini was awarded a crypto license by the French watchdog Autorite des marches financiers in January. The post New York Judge Delays Start of Trial Between CFTC and Gemini Trust Company appeared first on Cryptonews .
