US SEC and Gemini reach principled settlement over many years of lawsuits on Gemini Earn project

Odaily Planet Daily News The U.S. Securities and Exchange Commission (SEC) and cryptocurrency exchange Gemini reached a "principle settlement" over many years of litigation. Court documents filed by lawyers on Monday with Judge Edgardo Ramos of the Federal District Court of the Southern District of New York show that the parties have reached a principled settlement that will completely resolve the lawsuit, but it still requires review and approval by the committee. Both parties also requested that all pending dates be suspended. The U.S. SEC filed a lawsuit against Genesis Global Capital and Gemini in January 2023, accusing it of unregistered securities offerings and sales to retail investors through the Gemini Earn project. The project, launched in 2021 by the Winklevoss brothers, allows customers to lend cryptocurrencies to now-banked Genesis Global Capital and receive an annualized rate of return of up to 7.4%. (The Block)