The US Securities and Exchange Commission and Crypto Exchange Gemini have been asked to pause the regulator suit in the Exchange’s Gemini Earn program, which says they want to discuss a potential resolution.
On one April 1 Letter In the New York Federal Court Judge Edgardo Ramos, lawyers representing the SEC and Genesis demanded a 60-day handling case and that all deadlines were pulled “to allow the parties to explore a potential resolution.”
“In this case, the parties have submitted that each of their interests remain in this regard as they consider a potential resolution and agree that no party or not party will be prevented by stay,” the letter letter.
The lawyers added that the stay was in the court’s interest as “a resolution will protect the judicial resources” and suggested that a joint status report was submitted within 60 days after the admission of the stay.
The Sec Gemini was accused and crypto lending firm Genesis Global Capital in January 2023, saying they offered unregistered security through the Gemini Earn program.
In March 2024, Genesis agreed Pay $ 21 million To resolve the charges related to the lending program, but the implementation case against Gemini remains remaining.
Letter from the SEC and Genesis Global requesting the expansion of stay. Source: Courtlistener
The letter did not specify what would include a possible resolution, but the SEC has fallen to the number of demands it launched against crypto companies under the Biden Administration, including against Coinbase, Ripple and Kraken.
Related: Will crypto companies bring new US SEC policies to the distance?
In February, Gemini told the SEC Closed a separate investigation To the firm while the regulator will return the crypto implementation under President Donald Trump.
“The SEC costs us tens of millions of dollars to legal bills only and hundreds of millions of lost productivity, creativity, and change. Of course, Gemini is not alone,” Gemini co-founder Cameron Winklevoss said.
Opensea, Crypto.com And Uniswap, among others, has also been reported recently that the SEC has closed similar probes to their companies investigating the alleged violation of security laws.
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