In an April 1 filing addressed to Judge Edgardo Ramos of the New York federal court, legal representatives from both sides urged the court to put the case on hold and suspend all deadlines. They emphasized that doing so would allow both parties to explore a possible settlement without causing harm to any involved parties.
“The parties submit that it is in each of their interests to stay this matter while they consider a potential resolution and agree that no party or non-party would be prejudiced by a stay,”
the letter stated. The lawyers also noted that resolving the case outside of court would help conserve judicial resources. They proposed submitting a joint status report within 60 days of the stay being granted.
The SEC initially filed the lawsuit against Gemini and crypto lending firm Genesis Global Capital in January 2023, accusing them of offering unregistered securities through the Gemini Earn program. While Genesis settled its charges in March 2024, agreeing to pay $21 million, the case against Gemini remains unresolved.
The latest court filing does not specify what a potential settlement might involve. However, the SEC has recently dropped several lawsuits against crypto firms under the Biden administration, including cases involving Coinbase, Ripple, and Kraken.
In February, Gemini disclosed that the SEC had closed a separate investigation into the exchange as part of a broader rollback of crypto enforcement under President Donald Trump. At the time, Gemini co-founder Cameron Winklevoss criticized the SEC’s approach, stating that the regulator had cost the company “tens of millions of dollars in legal fees” and “hundreds of millions in lost productivity, creativity, and innovation.”
Gemini is not the only firm to see regulatory scrutiny ease. OpenSea, Crypto.com, and Uniswap are among the other crypto companies that have recently confirmed the SEC has closed similar investigations into their operations.
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