SEC and Gemini Seek Two-Month Pause in Lawsuit for Possible Resolution
The Securities and Exchange Commission filed a lawsuit against Gemini in 2023 related to its now-defunct Earn product.
The Securities and Exchange Commission (SEC) and cryptocurrency exchange Gemini have jointly requested a two-month pause in the ongoing lawsuit proceedings as they work towards a potential resolution. The legal battle stems from a lawsuit filed by the SEC against Gemini back in 2023, specifically targeting the exchange's Earn product, which is no longer in operation.
Both parties have expressed a willingness to explore avenues for resolving the dispute outside of the courtroom. The temporary halt in litigation aims to facilitate discussions and negotiations between the SEC and Gemini, potentially leading to a mutually agreeable solution.
The lawsuit has attracted significant attention within the crypto and regulatory spheres, with many industry participants closely monitoring the developments. The outcome of the proceedings and any potential resolution could have implications for the broader crypto industry and its interactions with regulatory bodies like the SEC.