Source: Cointelegraph Original: "{title}"

The U.S. Securities and Exchange Commission (SEC) and cryptocurrency exchange Gemini have requested a pause in the regulatory agency's lawsuit against the exchange's Gemini Earn program, stating that they wish to discuss potential solutions.

In a letter to New York Federal Court Judge Edgardo Ramos on April 1, attorneys representing the SEC and Genesis requested a 60-day pause in the case and asked for all deadlines to be extended "so that the parties can explore potential solutions."

The letter stated: "In this case, the parties believe that a pause is in the best interest of all parties, and all parties agree that the pause will not adversely affect any party or non-party."

The attorneys also added that a pause would be beneficial to the court because "a solution will save judicial resources" and suggested submitting a joint status report within 60 days after the pause.

The SEC sued Gemini and crypto lending company Genesis Global Capital in January 2023, accusing them of offering unregistered securities through the Gemini Earn program.

In March 2024, Genesis agreed to pay $21 million to settle allegations related to the lending program, but the enforcement case against Gemini remains unresolved.

Letter requesting an extension of the stay from the SEC and Genesis Global. Source: CourtListener

The letter did not specify what potential solutions might involve, but the SEC has already withdrawn several lawsuits against crypto companies initiated under the Biden administration, including lawsuits against Coinbase, Ripple, and Kraken.

In February, Gemini stated that the SEC had closed another investigation into the company, as the regulatory agency began to scale back its enforcement efforts in the crypto industry during the presidency of Donald Trump.

"Just in legal fees alone, the SEC has cost us tens of millions of dollars, and in productivity, creativity, and innovation, it has cost us hundreds of millions. Of course, Gemini is not the only victim," said Gemini co-founder Cameron Winklevoss at the time.

Companies like OpenSea, Crypto.com, and Uniswap have also recently reported that the SEC has closed similar investigations into their companies involving alleged violations of securities laws.

Related: GameStop completes $1.5 billion financing, incorporating Bitcoin into its balance sheet.

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