SEC Seeks 60-Day Delay in Gemini Lawsuit: Is a Resolution Near?

The U.S. Securities and Exchange Commission (SEC) has made a surprising move in its case against Gemini, asking for a 60-day delay. This unexpected request hints at a possible resolution – but what kind? A settlement? A complete dismissal? Something else entirely?

It’s a rare moment of uncertainty in the SEC’s usually aggressive stance on crypto, and it raises a big question: Is the agency finally easing up on the industry? The next few months could reveal a lot.

A Sudden Pause in the Legal Showdown

In a joint motion with Gemini Trust, the SEC has asked a New York court to pause proceedings for two months. According to the filing, both parties believe this delay could help them explore a potential resolution, though it’s unclear whether that means a settlement, dismissal, or another outcome.

The SEC first sued Gemini in 2023, accusing the crypto exchange of illegally raising billions through its Gemini Earn program. At the same time, Gemini had already settled with New York regulators, agreeing to return at least $1.1 billion to affected customers.

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If the court approves the request, the SEC and Gemini will provide a joint status update within 60 days. This suggests behind-the-scenes negotiations may already be in motion, fueling speculation about how the case will ultimately unfold.

Regulations Are Changing Under Trump

Since Donald Trump’s return to the White House in January, the SEC has shifted its approach to crypto regulations. Under acting Chair Mark Uyeda, the agency has dropped lawsuits against Robinhood, Uniswap, Immutable, and OpenSea. It has also dismissed cases against major crypto players like Coinbase and Kraken.

Most notably, the SEC recently ended its prolonged legal battle with Ripple, officially withdrawing its appeal in the case.

The SEC isn’t admitting defeat, but it sure looks like it’s changing its playbook. Now, all eyes are on what happens next.