tl;dr
The crypto exchange Gemini, co-founded by Cameron and Tyler Winklevoss, is nearing a potential resolution to its legal dispute with the U.S. Securities and Exchange Commission (SEC) over its now-defunct Gemini Earn program. The SEC had filed a lawsuit in January 2023, alleging securities law violati...
The crypto exchange Gemini, co-founded by Cameron and Tyler Winklevoss, is nearing a potential resolution to its legal dispute with the U.S. Securities and Exchange Commission (SEC) over its now-defunct Gemini Earn program. The SEC had filed a lawsuit in January 2023, alleging securities law violations related to the program, which allowed users to lend their crypto assets for interest.
Gemini and the SEC have jointly requested a 60-day suspension of case deadlines to explore a potential resolution. The SEC has also taken a more accommodating stance toward crypto, recently ending civil lawsuits against U.S.-based exchanges Coinbase and Kraken.
The crypto exchange founded by billionaire twins Cameron and Tyler Winklevoss may soon witness the end of its legal dispute with the U.S. Securities and Exchange Commission (SEC) over its now-defunct cryptocurrency asset lending program. In January 2023, the securities regulator filed a lawsuit claiming that Gemini and cryptocurrency lender Genesis Global Capital violated securities laws through the Gemini Earn program, which allowed participants to lend their crypto assets to earn interest payments. The SEC filed the suit shortly after Genesis halted withdrawals in November 2022 with approximately $900 million in user funds.
In a letter submitted to the U.S. District Court for the Southern District of New York on Tuesday, Gemini and the SEC jointly requested Judge Edgardo Ramos suspend the deadlines in the case for 60 days to allow the two parties to explore a potential resolution. The parties respectfully request that the Court grant this joint request for a 60-day stay. The parties propose that they will submit a joint status report within 60 days after entry of the stay.
The development comes as the SEC takes a friendlier approach to crypto. The securities regulator also recently ended its civil lawsuits against US-based digital asset exchanges Coinbase and Kraken. Follow us on X , Facebook and Telegram