SEC Seeks 60-day Pause in Gemini Lawsuit
The US Securities and Exchange Commission and Gemini Trust have jointly requested a 60-day pause in their ongoing lawsuit to explore a potential resolution.
Submitted to the US District Court for the Southern District of New York on April 1, the motion seeks to postpone all deadlines for further discussions.
In January 2023, the SEC initiated its first lawsuit against Gemini Trust and Genesis Global Capital, alleging they unlawfully raised billions through the Gemini Earn program without registering it as a securities offering.
This lawsuit is part of the SEC’s broader crackdown on crypto firms under the Biden administration’s regulatory efforts. Gemini had previously agreed to return $2.18 billion to affected customers in a separate settlement with New York regulators.
