The US Securities and Exchange Commission (SEC) and crypto exchange Gemini have requested a pause in the ongoing legal battle over Gemini’s Earn program.
In a letter sent on April 1 to Judge Edgardo Ramos of the New York federal court, the SEC and Genesis Global Capital, involved in the case, asked for a 60-day hold on the proceedings.Â
This would give them an opportunity to seek a possible solution and end the case without the assistance of the court. The letter also stated that none of the parties would be prejudiced by this delay, and it would also save judicial time.
The SEC first sued Gemini and Genesis in January 2023 for selling securities without registering them through the Gemini Earn program. However, the case against Gemini is still pending while Genesis paid the charges in full in the amount of $21 million in March 2024.
Interestingly, the SEC has started to ease up on its enforcement actions under the Biden administration, with several lawsuits, including those against Coinbase, Ripple, and Kraken, being dropped.
In February, Gemini said that the SEC had completed another probe into the firm. Cameron Winklevoss, one of the co-founders of Gemini, accused the SEC of wasting their money and time, as well as opportunities.
It is a new trend since other platforms such as OpenSea, Crypto.com, and Uniswap have also received closure of their investigations by the SEC.
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