SEC, Gemini Request Delay in Crypto Lawsuit

The U.S. Securities and Exchange Commission (SEC) and Gemini Trust have filed a joint motion to pause their ongoing legal battle for 60 days to explore a potential resolution, which is aimed at conserving judicial resources. This case involves allegations that Gemini's Earn product, offered in partnership with Genesis Global Capital, constituted an unregistered securities offering. Genesis has already settled its part of the case with a $21 million agreement. This motion follows a trend of the SEC, under acting Chair Mark Uyeda, reassessing and halting multiple crypto-related enforcement actions initiated under the previous administration. Both parties are expected to provide a status update within the 60-day period. The resolution could involve a settlement, dismissal, or another form of agreement, though specifics remain undisclosed.