US SEC and Gemini reach "principle solution" over Gemini Earn lawsuit

PANews reported on September 16 that according to The Block, the Securities and Exchange Commission (SEC) and Gemini Exchange have reached a "principle solution" after the institution accused the crypto exchange of failure to comply with relevant regulations when launching crypto lending projects. In court filings filed with U.S. District Judge Edgardo Ramos on Monday, attorneys for Gemini Trust Company, LLC, and the SEC said the parties had reached a principled solution and said the regulator also needed to sign and approved it. At the same time, they also requested that all "pending dates" be suspended. Earlier in January 2023, the US SEC filed a lawsuit against Genesis Global Capital, LLC and Gemini, accusing it of providing unregistered securities offerings to retail investors through Gemini Earn.