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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have jointly requested a 60-day pause in their ongoing lawsuit over the Gemini Earn program. In an April 1 letter addressed to Judge Edgardo Ramos of the New York federal court, legal representatives from both sides asked for all deadlines to be halted to facilitate settlement discussions.
The letter stated that a stay would be in the interest of both parties and the court, as it would help conserve judicial resources while they explore a potential resolution. No details were provided on what a settlement might look like, but the SEC has recently dismissed or scaled back several crypto-related lawsuits initiated during the Biden administration.
The SEC initially filed charges against Gemini and Genesis Global Capital in January 2023, accusing them of offering unregistered securities through the Gemini Earn program. While Genesis reached a $21 million settlement in March 2024, the case against Gemini remains unresolved.
SEC Stance Shifts Under Trump Administration
Notably, Gemini’s legal troubles with the SEC appear to be easing amid a broader shift in regulatory enforcement under the Trump administration. In February, Gemini disclosed that the SEC had dropped a separate investigation into its business, a move that co-founder Cameron Winklevoss publicly criticized for its financial and operational toll on the company.
“The SEC cost us tens of millions of dollars in legal bills alone and hundreds of millions in lost productivity, creativity, and innovation. Of course, Gemini is not alone,” Winklevoss stated.
Other major crypto firms, including OpenSea and Crypto.com have also seen the SEC close investigations into their operations. This pattern suggests a potential softening of the regulator’s stance on the industry, with enforcement actions being reconsidered or abandoned.
Crypto Industry Watches for Precedent
If Gemini reaches a settlement with the SEC, it could set a precedent for how other firms navigate past regulatory disputes.
The crypto industry has long criticized what it sees as an aggressive enforcement-first approach by the SEC, arguing that unclear guidelines have stifled innovation and driven companies offshore.
For now, the legal pause provides Gemini with breathing room as it explores ways to resolve its issues with regulators.
