The US Securities and Exchange Commission (SEC) and cryptocurrency exchange Gemini have jointly requested a pause in the SEC's lawsuit regarding Gemini's Earn program to explore a possible settlement.
In a letter dated April 1 addressed to New York federal court judge Edgardo Ramos, lawyers for the SEC and Gemini requested a 60-day stay of the case, along with a halt on all deadlines, to facilitate talks on a possible settlement.
The letter states it is in everyone's best interest to stay the proceedings, as it allows time to discuss a resolution without prejudicing either party.
The SEC filed the lawsuit against Gemini and Genesis Global Capital in January 2023, accusing them of offering unregistered securities through the Gemini Earn program.