Key Insights:
SEC and Gemini have asked for a 60-day hearing pause from the courts as both seek to resolve the case via mediation.
The SEC had filed a case under the Biden administration regarding Gemini's Earn program, which the exchange had to discontinue.
The program used to let users loan their crypto to Gemini in return for high rewards.
The end of the Gemini case would solidify Trump's claims of doing away with anti-crypto cases during the Biden administration.
On 1 April 2025, the Gemini Exchange have applied for a 60-day leave from hearing. The period is expected to be for a negotiated settlement between the two organizations.
The SEC has previously engaged in such negotiated settlements with XRP and Kraken under Trump's pro-crypto regulatory policy. Last year, Donald Trump promised to bring sweeping changes into SEC's policy and upon becoming the US President, he reversed all the anti-crypto executive orders under the Biden administration.
The SEC deregulated memecoins earlier this month when it pushed a notification that all memecoins were henceforth classified as not security because they lack any real world utility.
This essentially deregulated them because henceforth, they will be treated as capital assets just like baseball cards and attract a much lower regulatory overview and much lesser taxes.
In the SEC vs XRP case, after the US District Court of the Southern District of New York made the regulator remove the security tag from XRP in return for a $125 million fine.
Ripple and SEC reached a settlement of $50 million in their latest closed-door meeting on 13 March 2025.
The Gemini Earn case has been a bone of contention between SEC and Gemini Exchange since January 2023. The case had been dragging on since the last two years and a quarter and was resolved recently when the Manhattan Federal Court allowed both parties to negotiate for a mutually agreed settlement.
Yesterday, both SEC and Gemini agreed to undergo negotiations and filed for a 60-day break from the case.
Uniswap was one of the last victims of the SEC's anti-crypto crackdown when last year SEC alleged that Uniswap was acting as an unregistered broker and sold unregistered securities (UNI) to its buyers.
The case ended recently as on 25 February 2025 when Uniswap disclosed that SEC has ended its case and will not pursue any legal actions against it.
Some cases are still pending that the previous SEC Chairman Gary Gensler initiated.
The SEC alleged that Cumberland DRW, a market maker, traded over $2 billion in unregistered securities, i.e., cryptocurrencies, without a broker-dealer license. Last month, Cumberland announced that it had reached an agreement with the SEC to nullify the case, but an announcement is still pending from the SEC.
The SEC sued Kraken in November 2023 for offering unregistered securities. In March 2025, Kraken announced that the SEC agreed in principle to dismiss the case with zero penalties. This case too awaits a clearance notification from the SEC.
If these cases come to an end, which is the expected scenario, they might result in a full clean sweep of the regulator's dark history around crypto companies.
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