According to Bloomberg, the US Securities and Exchange Commission (SEC) has stated to the federal court in New York that it hopes to "explore potential solutions" to settle its lawsuit against Gemini Trust, a cryptocurrency exchange owned by the Winklevoss twins. The SEC and Gemini Trust jointly requested a 60 day extension of the civil lawsuit on Tuesday. Before Trump's inauguration in January this year, Gemini had agreed to pay $5 million to reach a settlement with the US Commodity Futures Trading Commission (CFTC).
SEC sues Gemini in 2023, accusing the exchange of colluding with crypto lending institution Genesis Global Capital through&34; Gemini Earn& 34; The project illegally raised billions of dollars in encrypted assets. Last year, Gemini agreed to return at least $1.1 billion to customers in another settlement with regulatory agencies in New York State. The Trump administration has now withdrawn enforcement actions against multiple cryptocurrency companies.
