The SEC reached a resolution in principle with Gemini to settle a previous lawsuit. This lawsuit concerns the 2023 Gemini Earn closure, which saw customers unable to withdraw funds.

In addition to Gemini’s recent IPO, this also takes place in a broader context of shrinking US crypto enforcement. Less than a week ago, the nominee for CFTC Chair alleged that a Gemini co-founder was lobbying against him.

Gemini vs the SEC

The Gemini Earn incident took place in January 2023, when customers unexpectedly had their assets frozen due to the platform’s bankruptcy. Many were unable to recover their assets, prompting a lengthy legal battle.

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According to new reports, however, Gemini and the SEC are prepared to end it:

“The parties in this case have reached a resolution in principle that would completely resolve this litigation, subject to review and approval by the Commission,” they claimed in a joint filing to US District Judge Edgardo Ramos.

This SEC resolution comes at an auspicious time for Gemini, which just conducted a major IPO last week. The firm raised $425 million, bringing its total valuation to $3.3 billion. Apparently, the crypto exchange is now taking this opportunity to tie off some of its loose ends.

A War on Crypto Enforcement

Both parties asked for a new deadline of December 15 to submit final paperwork. Although Gemini and the SEC r

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Author: Landon Manning