Gemini and SEC Seek Resolution in Crypto Lending Dispute
Gemini might be nearing the resolution of its legal conflict with the U.S. Securities and Exchange Commission (SEC).
The dispute centers around the now-defunct Gemini Earn program, which allowed users to lend their crypto assets in exchange for interest.
Back in January 2023, the SEC filed a lawsuit against Gemini and crypto lender Genesis Global Capital, alleging that the Gemini Earn program violated securities regulations. The legal action came shortly after Genesis halted withdrawals in November 2022, leaving around $900 million of user funds locked.
This week, both Gemini and the SEC submitted a joint request to the U.S. District Court for the Southern District of New York, asking Judge Edgardo Ramos to pause the case for 60 days. The request aims to give both parties time to discuss a possible settlement.
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In the letter, they argued that suspending the case serves everyone’s interests, including the court’s, as it would conserve judicial resources while avoiding unnecessary conflict.
The SEC and Gemini also proposed submitting a joint status report after the 60-day period to update the court on their progress. This potential resolution reflects a softer stance from the SEC toward the crypto sector. Recently, the regulator also ended its civil cases against U.S.-based exchanges Coinbase and Kraken, signaling a shift in its approach.
If the discussions between Gemini and the SEC prove successful, it could mark the end of a long-standing legal battle and offer some relief to the embattled crypto exchange.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
