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Like the SEC, the CFTC has filed several lawsuits against crypto firms for alleged violations of US commodities laws, including FTX, Celsius and Binance. The commission reported in December that it had recovered more than $17 billion in monetary relief for the 2024 fiscal year, fueled mainly by enforcement actions against crypto companies.
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Trump has reportedly considered replacing CFTC Chairman Rostin Behnam — expected to serve until June 2026 — with someone more favorable to the crypto industry.
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A panel of five CFTC commissioners, each of whom serves staggered five-year terms, could have additional authority over crypto policy if US lawmakers pass legislation clarifying the role of the regulator and the Securities and Exchange Commission.
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The CFTC said at the time that it was seeking “disgorgement of ill-gotten gains, civil monetary penalties, injunctions relating to registration and trading, and an injunction against further violations of the Commodity Exchange Act.”
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Judge Hellerstein did not suggest why the trial date would be pushed by six days. The next session of the US Congress is scheduled to begin on Jan. 3, and President-elect Donald Trump’s inauguration will be on Jan. 20.
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The delay moves the trial’s start date under a new presidential administration, which could affect the CFTC’s position on Gemini and other crypto firms.
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In a Dec. 30 filing in the US District Court for the Southern District of New York, Judge Alvin Hellerstein pushed the start date of the CFTC v. Gemini civil trial from Jan. 13 to Jan. 21, adding that “no further adjournments will be granted.”
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A New York judge has delayed the start of a trial in a case between the United States Commodity Futures Trading Commission (CFTC) and the Gemini Trust Company, first filed in 2022.
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Crypto prices quickly bounced back after the nation’s parliament demanded that Yoon lift the martial law order on Dec. 4.
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On South Korean crypto exchanges, including UpBit, the price of Bitcoin plunged as much as $30,000 in six hours, which analysts blamed on a liquidity crisis worsened by the “disappearance of key market players” at the time.
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The SEC ramped up its focus on NFTs in 2024. On Aug. 28, OpenSea CEO Devin Finzer said in an X post that the securities regulator sent a Wells notice to the NFT trading platform.
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In December, the Nike-owned NFT project RTFKT announced it would sunset its operations in January 2025.
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In addition, layer-2 blockchain Immutable and crypto exchange Kraken wound down their NFT marketplaces in August and November, respectively.
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American gambling company DraftKings made a similar move in July, shutting down its NFT business, including its Reignmakers collections and marketplace. The business cited “legal developments” as the reason.
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The same month, video game retailer GameStop announced it would shut down its NFT marketplace, blaming the lack of regulatory clarity in the US.
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Some questioned the decision to remove the feature, arguing it had provided real utility for users and bringing up the issue of bot accounts and scammers. One community member said NFT profile pictures allowed users to confirm that the people they were interacting with were real.
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In January, social media platform X removed support for NFTs after a year of allowing paid subscribers to link them to their profile pictures. One community member called it the “bottom” for NFTs, while another said it’s “another black eye” for the industry.
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Even though the space has endured, there’s no denying that NFT holders took a beating this year, from a seven-month downward streak and major projects dropping out of the space to the United States Securities and Exchange Commission sending Wells notices to NFT projects.
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The sales volume may be lower than in previous years, but the number of buyers increased by 62% from 4.6 million in 2023 to 7.5 million in 2024. This is also 37% more than the 5.4 million unique buyers recorded in 2022, a year widely considered the peak of NFTs. So, while volumes may be down, there is still a growing demand for the asset class.
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While media outlets have occasionally declared NFTs dead, holders continue to trade, and data tracker CryptoSlam shows that NFTs have recorded roughly $8.5 billion in sales this year.
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