The U.S. Securities and Exchange Commission (SEC) has made a surprising move in its legal battle against Gemini. The agency is now seeking a 60-day delay in the case, hinting at a possible resolution. Could this be another sign of the SEC easing its grip on crypto firms?
SEC Requests 60-Day Delay in Gemini Case
In a joint motion with Gemini Trust, the SEC has asked a New York court to pause proceedings for two months. According to the filing, both parties believe this delay could help them explore a potential resolution, though it’s unclear whether that means a settlement, dismissal, or another outcome.
The SEC originally sued Gemini in 2023, accusing the crypto exchange of illegally raising billions through its Gemini Earn program. Meanwhile, Gemini had already reached a separate agreement with New York regulators, promising to return at least $1.1 billion to customers.
If the court grants the request, both Gemini and the SEC will submit a joint status report within 60 days. This move suggests that behind-the-scenes negotiations could be taking place, raising speculation about how the case might end.
SEC’s Softening Stance on Crypto?
Since Donald Trump became President in January, the SEC has taken a different approach to regulations. Under acting Chair Mark Uyeda, the agency has dropped legal actions against Robinhood, Uniswap, Immutable, and OpenSea. It has also ended lawsuits against major crypto firms like Coinbase and Kraken.
Most notably, the SEC recently ended its long legal battle with Ripple, officially dropping its appeal in the case.
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