A judge in New York has postponed the start of the trial in the lawsuit between the U.S. Commodity Futures Trading Commission (CFTC) and Gemini Trust Company, which was first filed in 2022.
In a filing on December 30 at the U.S. District Court for the Southern District of New York, Judge Alvin Hellerstein pushed back the start date of the civil trial between the CFTC and Gemini from January 13 to January 21, while emphasizing that "no further adjournments will be granted."
This delay pushes the trial start date into a new presidential administration, which could impact the CFTC's stance on Gemini and other Bit companies.
Order adjusting start date of CFTC v. Gemini trial. Source: PACER
Judge Hellerstein did not suggest any reason for the six-day postponement of the trial date. The next session of the U.S. Congress is scheduled to begin on January 3, and the inauguration of President-elect Donald Trump is set for January 20.
The civil lawsuit, filed by the CFTC in June 2022 against Gemini, alleges that the Bit company provided false or misleading information to the commission related to its efforts to list BTC (BTC) futures contracts in 2017.
At the time, the CFTC stated that they were seeking "disgorgement of ill-gotten gains, civil monetary penalties, registration-related relief, and a conduct-based injunction."
Shift in CFTC Tone in 2025?
A five-member CFTC commission, each with overlapping five-year terms, could gain additional authority over Bit policy if U.S. lawmakers pass legislation clarifying the regulator's role and that of the Securities and Exchange Commission (SEC).
Trump is reported to be considering replacing CFTC Chair Rostin Behnam — who is expected to hold the position until June 2026 — with someone more friendly to the Bit industry.
Like the SEC, the CFTC has filed several lawsuits against Bit companies for alleged violations of U.S. commodity laws, including FTX, Celsius and Binance. The commission reported in December that it had obtained over $17 billion in financial relief for fiscal year 2024, largely due to enforcement actions against Bit companies.
