🕰️ Timeout in Crypto Court: SEC & Gemini’s $900M Tiff

by

In a plot twist that would make daytime TV blush, the U.S. Securities and Exchange Commission and Gemini Trust have decided to hit the pause button on their $900 million courtroom tango. 🕺💃

They’ve asked the U.S. District Court for the Southern District of New York to give them a 60-day timeout to hash things out—because, you know, April 1 is the perfect day for such requests. 🙄

Back in the halcyon days of 2023, the SEC sued Gemini Trust and Genesis Global Capital, claiming they had quite the party with the Gemini Earn program, raising billions without so much as a “by your leave” to the securities regulators. 🎉🚫

This lawsuit was just a small part of the SEC’s crypto witch hunt under the Biden administration’s watch. Gemini, ever the generous party, had already promised to return a cool $2.18 billion to some very happy customers as part of a deal with New York’s finest. 💸👮‍♂️

The motion they filed is as vague as a politician’s promise, not saying if they’ll settle, dismiss, or just have a tea party, but they both agree that a break is good for the soul—and the court’s schedule. 🍵⏰

Since the days of President Trump strutting into the Oval Office, the SEC has been playing a whole new game. Under the watchful eye of acting Chair Mark Uyeda, they’ve been making nice with the likes of Robinhood, Uniswap, and others, even dropping lawsuits like they’re hot. 🔥👋

The crypto crowd, who once cowered under the iron fist of former SEC Chair Gary Gensler, is breathing a sigh of relief. The Winklevoss twins, Gemini’s dynamic duo, have been big fans of this new, crypto-friendly vibe, and they’ve got the campaign donations to prove it. 💰🤑

Genesis, which once managed a whopping $900 million for 340,000 Gemini Earn customers before pulling the rug out in 2022, settled its bit of the mess in 2024 with a $21 million slap on the wrist. Ouch. 🤕💸

Read More

2025-04-02 06:06