2-4-2025 – The US Securities and Exchange Commission (SEC) and digital asset platform Gemini have jointly petitioned for a two-month pause in their ongoing legal proceedings to pursue settlement discussions.
The prestigious New York-based cryptocurrency exchange, helmed by the Winklevoss twins, finds itself at a pivotal moment as regulatory tensions appear to be easing. The formal request, submitted to Manhattan’s Southern District Court, seeks to temporarily suspend all procedural deadlines stemming from the SEC’s January 2023 litigation.
Rather notably, this legal manoeuvre follows a broader shift in American regulatory sentiment towards digital assets. Cameron Winklevoss had previously disclosed that the SEC had concluded its probe into the exchange, signalling a retreat from potential enforcement actions.
The regulatory landscape has witnessed a remarkable transformation following President Trump’s electoral victory, with the SEC adopting a markedly more accommodating stance towards cryptocurrency enterprises. This pivot has resulted in the withdrawal of legal challenges against several prominent industry players, including Coinbase and OpenSea.
Whilst navigating these regulatory waters, Gemini Trust Company reached a $5 million settlement with the Commodity Futures Trading Commission regarding alleged misleading communications. The original SEC lawsuit had centred on Gemini’s lending programme, which the regulator contended had accumulated billions in crypto assets through unregistered securities offerings.
In an intriguing political subplot, the Winklevoss brothers’ $2 million Bitcoin campaign contribution to Trump was ultimately returned due to exceeding statutory limits.
Looking ahead, market watchers are closely monitoring Gemini’s reported aspirations for a public listing this year, as revealed by Bloomberg. The exchange has bolstered its corporate structure with the recent appointment of a new financial chief, suggesting serious preparation for potential market entry.
