The U.S. Securities and Exchange Commission (SEC) and Gemini Trust Company submitted a status update to the court, notifying the federal court that they have reached a "principled resolution" regarding the securities case stemming from the 2023 lawsuit.
In documents submitted to the U.S. District Court for the Southern District of New York (SDNY) on Monday, the SEC and Gemini Trust stated that, "subject to review and approval by the Commission," both parties request an indefinite stay of all litigation in the civil case.
The documents indicate that if the case is not resolved by December 15, the parties will submit another status report.
The securities case against Gemini Trust and Genesis Global Capital began with a lawsuit filed by the SEC in January 2023. The Commission accused Genesis and Gemini of "conducting unregistered securities offerings and sales to U.S. retail investors" from February 2021 to November 2022.
This principled agreement may mark one of the final steps in resolving the cases against the two companies after the SEC and Genesis announced a $21 million settlement in 2024.
Under the leadership of then-acting SEC Chair Mark Uyeda, the agency informed Gemini in February that it would not recommend enforcement action as part of a separate investigation into the company.
The securities case alleges that investors sent assets to Genesis through Gemini's Earn program, expecting the company to pay interest. The SEC stated that the two companies "raised billions of dollars in crypto assets primarily from U.S. retail investors" but did not register with the regulatory agency.
The January 2023 lawsuit claims: "Investors lacked important information regarding the Gemini Earn program that should have been relevant to their investment decisions. The defendants did not provide investors with all the information required by federal securities laws, but instead made selective and insufficient disclosures."
Gemini co-founders Cameron and Tyler Winklevoss were financial and personal supporters of U.S. President Donald Trump's 2024 campaign and have continued to maintain close ties with the White House this year.
The twins attended the signing ceremony for the GENIUS stablecoin bill and reportedly urged Trump to reconsider the nomination of Brian Quintenz as chair of the U.S. Commodity Futures Trading Commission.
The White House requested that the Senate committee postpone the Quintenz nomination hearing before the August recess, and as of Monday, no other hearings have been scheduled.
Last week, Quintenz released screenshots of text messages with the Winklevoss brothers from July, showing that they were seeking certain assurances regarding enforcement actions if his nomination were to proceed.
Gemini also began its initial public offering on Friday, reportedly raising $425 million through the sale of 15.2 million shares.
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Original: “SEC and Gemini Trust Reach Agreement on Cryptocurrency Lending Dispute”
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