Oh, the marvels of bureaucracy! The US Securities and Exchange Commission (SEC), the self-proclaimed guardians of financial propriety, and Gemini, the plucky crypto exchange, have suddenly decided to call a 60-day ceasefire in their ongoing legal tussle. Yes, you heard right – a pause button has been pressed on the lawsuit drama over Gemini’s Earn program. This comes hot on the heels of the SEC’s recent efforts to settle most of its crypto-related disputes outside the courtroom. Could it be that the crypto world is finally rubbing off on the regulators?
Pause Button Pressed 🔄
On a rather amusing date of April 1st, the SEC and Gemini, in a moment of unity, wrote a joint letter to Judge Edgardo Ramos, requesting a temporary truce. Their reason? To explore a “potential resolution.” They’ve asked for a full 60 days to figure out how to play nicely together, all in the name of saving the court some precious time and resources. Who knew the SEC had a sense of humor?
Back in January 2023, the SEC took issue with Gemini, claiming that they and Genesis Global Capital had dabbled in illegal territory by offering unregistered securities through Gemini’s Earn Program. Fast forward to February 2024, and Gemini agreed to cough up a cool $1.1 billion to Earn program customers as part of a settlement with the New York State Department Of Financial Services (NYDFS). Money talks, even in crypto land.
In their letter, the SEC and Gemini argue that pausing the case will allow them to consider a resolution and ensure that no one involved will suffer undue prejudice. They’ve promised to update the court with a joint status report in 60 days. Fingers crossed for a happy ending!
The SEC’s Newfound Crypto Love? ❤️
Just a couple of months back, the SEC and Binance joined forces to request a 60-day hold on their crypto litigation. The reason? The formation of the SEC’s Crypto Task Force, headed by the ever-so-charming SEC Commissioner Hester Peirce. The two parties believed that this task force could pave the way for a resolution. Journalist Eleanor Terret predicted that this pause would set a precedent for more joint motions to stay under the new crypto-friendly administration.
Lo and behold, the SEC has since dropped a string of crypto cases, including those against Coinbase, Kraken, and Consensys. Multiple open investigations were also closed without any enforcement action against the likes of Robinhood, Uniswap Labs, Crypto.com, and yes, Gemini. It seems the crypto world is finally getting a break from the SEC’s watchful eye.
According to Gemini co-founder Cameron Winklevoss, the SEC officially closed its investigation into the company on February 26, 699 days after it began. He didn’t mince words when criticizing the SEC’s tactics under the previous administration, stating that while this was a step towards peace in the crypto realm, it did little to repair the damage already done.
Winklevoss concluded that this was merely the start of ensuring such regulatory nightmares don’t plague the crypto industry or any other innovative sector in the future. Here’s hoping for a brighter, less litigious crypto horizon!
Read More
- Maiden Academy tier list
- Cookie Run Kingdom Town Square Vault password
- Cookie Run Kingdom: Shadow Milk Cookie Toppings and Beascuits guide
- Girls Frontline 2 Exilium tier list
- Wizardry Variants Daphne tier list and a reroll guide
- 10 Hardest Bosses In The First Berserker: Khazan
- `H&M’s Wild White Lotus Getaway`
- ‘Bachelor’ Co-Executive Producers Exit Franchise
- Tap Force tier list of all characters that you can pick
- Badass Ravi Kumar star Himesh Reshammiya’s wife exposes his hilarious habit; former says ‘mere naam pe TRP le rahi ho’
2025-04-03 14:14