Gemini and SEC Engage in Settlement Discussions over Crypto Program Dispute

Cryptocurrency exchange Gemini, overseen by the U.S. Securities and Exchange Commission (SEC), has initiated settlement discussions following a lawsuit concerning its halted asset lending program. The SEC alleges that Gemini and Genesis Global Capital violated securities laws related to the Gemini Earn program, which facilitated crypto asset interest generation for investors. This legal battle arose after Genesis’ withdrawal of approximately $900 million in user funds in November 2022, prompting the SEC to hold Gemini accountable due to its involvement in the program.