The SEC has taken a surprising step in its case against Gemini by requesting a 60-day delay, which may indicate a potential settlement.
Request for Case Delay
In a joint motion with Gemini Trust, the SEC asked a New York court to pause proceedings for two months. Both parties agree this delay could help explore a resolution, whether that means a settlement or another outcome.
Background and Case Details
The SEC originally sued Gemini in 2023, accusing it of illegally raising billions through the Gemini Earn program. Meanwhile, Gemini had settled a separate agreement with New York regulators, promising to return at least $1.1 billion to its customers.
Outlook and Implications
If the court grants the delay request, Gemini and the SEC will file a joint status report in 60 days. The move suggests ongoing negotiations that could shape the outcome of the case.
The SEC's request to delay the Gemini case could hint at a softening stance towards the crypto industry, with implications for future regulatory approaches.
