SEC seeks 60-day delay in Gemini Trust’s $900M lawsuit
The U.S. Securities and Exchange Commission (SEC) and Gemini Trust, the cryptocurrency exchange founded by billionaire twins Tyler and Cameron Winklevoss, have jointly requested a 60-day stay in a lawsuit over the Gemini Earn program. The move is intended to allow the parties to discuss a possible settlement.
In January 2023, the SEC sued Gemini and Genesis Global Capital, alleging that the Gemini Earn program raised billions of dollars from retail investors without registering the offering as a securities under the regulations. Genesis, which halted withdrawals in November 2022 and filed for bankruptcy in January 2023, held approximately $900 million in assets from Gemini Earn’s 340,000 customers at the time.
In March 2024, Genesis agreed to pay a $21 million fine to settle a lawsuit with the SEC without admitting wrongdoing. Meanwhile, Gemini has denied any wrongdoing and continues to operate in the crypto industry.
Since President Donald Trump took office in January 2025, the SEC has scaled back its enforcement actions against the crypto industry, including ending civil lawsuits against exchanges like Coinbase and Kraken. The shift reflects the current administration’s more crypto-friendly stance compared to the previous administration.
The Winklevoss twins, each worth an estimated $3 billion according to Forbes, are exploring all options, including reaching a settlement or asking for the lawsuit to be dismissed.
