The American Securities and Exchange commission and crypto exchange Gemini asked to suspend the pursuit of the regulator on the Gemini Gage program, saying that they wanted to discuss a potential resolution.
In a letter of April 1 to the judge of the New York Federal Court, Edgardo Ramos, lawyers representing the SEC and Genesis asked for 60 days on the case and that all deadlines be drawn “to allow the parties to explore a potential resolution”.
“In this case, the parties submit that it is in each of their interests to remain this case while they consider a potential resolution and agree that no party or non-party would be detrimental to a stay,” said the letter.
The lawyers added that a suspension was in the interest of the court because “a resolution would retain legal resources” and proposed that a joint situation report be submitted within 60 days of the entry of the suspension.
The SEC continued Genesis Global Capital Genesis Global Capital in January.
In March 2024, Genesis agreed to pay $ 21 million to settle charges related to the loan program, but the cause of the Gemini application remains in progress.
SEC Letter and Genesis Global Request for a stay. Source: Court
The letter did not specify what a possible resolution would imply, but the SEC has abandoned several proceedings which it launched against cryptographic societies under the Biden administration, notably against Coinbase, Ripple and Kraken.
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In February, Gemini said the SEC closed a separate investigation into the company while the regulator covers its application of cryptography under President Donald Trump.
“The SEC cost us tens of millions of dollars in legal invoices alone and hundreds of millions of people losing productivity, creativity and innovation. Of course, Gemini is not alone,” said the co-founder of Gemini, Cameron Winklevoss at the time.
Opensea, Crypto.com and Uniswap, among others, also recently reported that the SEC had closed similar probes on their societies which investigated alleged violations of the securities laws.
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