SEC and Gemini submit joint motion seeking potential solution to cryptocurrency lending lawsuit

On April 2nd, according to TheBlock, the US Securities and Exchange Commission (SEC) and cryptocurrency trading platform Gemini submitted a joint letter to the Southern District Federal Court of New York yesterday, requesting the judge to approve a 60 day suspension period for the lawsuit. Both parties will use this window of opportunity to explore potential solutions for the Gemini Earn cryptocurrency lending product lawsuit. The case began with a lawsuit in January 2023, in which the SEC accused Gemini of illegally selling unregistered securities through the Earn project and raising billions of dollars worth of cryptocurrency assets. A month before the submission of this motion, Cameron Winklevoss, co-founder of Gemini, revealed that the SEC had officially notified the end of its investigation into the trading platform and would not initiate enforcement proceedings. The SEC's shift in attitude is seen as a continuation of the Trump administration's cryptocurrency friendly policy. Since the 2024 presidential election, the SEC has gradually withdrawn lawsuits against cryptocurrency companies such as Coinbase, OpenSea, Immutable, and suspended multiple investigations. In early January of this year, Gemini reached a settlement with the US Commodity Futures Trading Commission (CFTC) for $5 million on false statement allegations.