New York Court Reschedules Civil Case to January 2025

Postponement of the Civil Case Between Gemini Trust and CFTC

In a recent development from the New York courts, Judge Alvin Hellerstein has decided to defer the civil proceedings involving Gemini Trust and the US Commodity Futures Trading Commission (CFTC). Initially slated for January 13, 2024, the trial will now commence on January 21, 2024. A court document dated December 30, 2024, specifies that the final pre-trial conference, originally planned for January 6, 2025, is now rescheduled to January 13, 2025.

Although the reasons for this delay remain undisclosed, Judge Hellerstein has mandated that all pre-trial submissions must be presented to the court by January 10, 2025. He further emphasized that no additional postponements will be approved leading up to the trial dates.

Closer Look at the Case Between Gemini and CFTC

The legal battle between Gemini Trust and the CFTC dates back to June 2022, when the CFTC accused Gemini of providing misleading information regarding its Bitcoin futures product. Consequently, the CFTC aims to compel Gemini to relinquish its profits and face civil monetary penalties.

Earlier in the year, New York Attorney General Letitia James successfully reclaimed $50 million from Gemini Trust to reimburse over 230,000 investors in the Earn Program. Furthermore, Gemini agreed to halt its crypto lending services within New York.

The Gemini Exchange has been embroiled in various high-profile controversies, especially during the tumultuous 2022 crypto bear market. Late last year, Gemini and Genesis faced litigation over allegations of defrauding investors of more than $1.1 billion.

What Lies Ahead?

The Gemini vs CFTC case is anticipated to take a new direction in 2025, particularly with the impending inauguration of pro-crypto President-elect Donald Trump. Trump is reportedly considering appointing a crypto-friendly CFTC chair, possibly Brian Quintenz, a former commissioner of the CFTC, or Summer Mersinger, a Republican CFTC commissioner.