New York court postpones civil case until January 2025

A major legal battle between Gemini Trust and the U.S. Commodity Futures Trading Commission (CFTC) has stalled. In a recent court ruling, Judge Alvin Hellerstein postponed the civil case, pushing the hearing date from January 13 to January 21, 2025.

According to a Dec. 30, 2024 court document, the pretrial conference, scheduled for Jan. 6, 2025, was also pushed back to Jan. 13, 2025.

Although Judge Alvin Hellerstein did not explain the reasons for the delay, he noted that all pretrial documents must be submitted by January 10, 2025. The judge also emphasized that no further delays will be allowed before the court dates.

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Take a closer look at the case between Gemini and CFTC

The legal conflict began in June 2022 when the CFTC accused Gemini Trust of making misleading statements about its Bitcoin futures product. The CFTC is seeking to force Gemini to return all earnings from the product, in addition to paying civil penalties.

Earlier this year, New York Attorney General Letitia James secured $50 million from Gemini Trust to compensate more than 230,000 investors under her Earn program. As part of the deal, Gemini also agreed to stop offering crypto lending services in New York.

Gemini Exchange Gemini Exchange – (email protected) Centralized exchange has been involved in several major legal cases, many stemming from the 2022 crypto bear market. Late last year, Gemini and Genesis were sued for allegedly defrauding investors of more than $1.1 billion. dollars.

And then?

The Gemini vs. CFTC affair is expected to take a different trajectory in 2025 after the inauguration of crypto-professor President-elect Donald Trump in a few weeks. Additionally, Trump is considering a crypto-friendly CFTC chair, including Brian Quintenz, former CFTC commissioner, and Summer Mersinger, Republican CFTC commissioner.

What a battle for clarity! Stay tuned to Coinpedia for updates.