The US Securities and Exchange Commission (SEC) and Gemini Trust Company have informed a federal court that they have reached "a resolution in principle" to settle the lawsuit over the Gemini Earn program, Reuters reported on Monday.
In a joint filing, both parties stated that the agreement would "completely resolve this litigation," pending final approval by the SEC. A pause of all pending court dates has been requested.
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The SEC's initial lawsuit, filed in January 2023, accused Gemini and its partner Genesis of selling unregistered securities through the Earn program.
Under acting chairman Mark Uyeda, the SEC had already signaled a more flexible stance by informing Gemini in February that it would not pursue action in a separate investigation.