SEC and Gemini Seek 60-Day Pause in Crypto Lending Case
The US Securities and Exchange Commission (SEC) and crypto exchange Gemini have jointly requested a 60-day extension for all deadlines in their ongoing legal battle related to Gemini's Earn program. This request was made in a letter filed with the New York federal court on April 1, seeking time to explore potential resolutions outside of court.
The SEC initially filed a lawsuit against Gemini and Genesis Global Capital in January 2023, alleging the sale of unregistered securities through the Gemini Earn program. While Genesis Global Capital has settled the charges by paying $21 million in March 2024, the case against Gemini is still pending.
SEC's Enforcement Actions and Recent Developments
It is worth noting that the SEC has shown a shift in its enforcement actions under the Biden administration, with a number of high-profile lawsuits being dropped. This includes cases against major players in the crypto industry such as Coinbase, Ripple, and Kraken.
In February, Gemini confirmed the completion of another SEC probe into the company. Cameron Winklevoss, one of the co-founders of Gemini, criticized the SEC for what he perceived as wasteful spending and missed opportunities.
This change in approach by the SEC has also been observed in investigations involving other platforms like OpenSea, Crypto.com, and Uniswap, which have seen resolutions with the regulatory body.
Also, don't miss out on our latest report: US Lawmaker to Reintroduce Crypto Retirement Bill for Trump
