The U.S. SEC has announced its interest in exploring a “potential resolution” of its enforcement lawsuit against Gemini, the crypto exchange founded by the Winklevoss twins. 

Gemini Trust and the SEC jointly filed a motion in a New York court, requesting a 60-day delay in the ongoing civil case. They cite the potential for a resolution that could conserve judicial resources. However, the motion did not specify whether the resolution would lead to a settlement, dismissal, or another form of agreement. 

Both parties have proposed submitting a joint status report within the 60-day period if the motion is granted. This delay would provide additional time to explore potential resolutions before any further legal proceedings.

Notably, the SEC sued Gemini in 2023, accusing the crypto exchange of illegally raising billions of dollars in crypto assets through the Gemini Earn program. Meanwhile, Gemini previously settled a separate case with New York regulators, agreeing to return at least $1.1 billion to customers involved in the program.

Softening Approach Toward Crypto Industry

In recent months, the SEC has shown signs of softening its stance on crypto regulation. In February, the agency cleared Gemini from a previous probe. Additionally, the SEC recently dropped several other high-profile cases involving crypto firms. This shift in approach includes the conclusion of the SEC’s lawsuit against Ripple. 

The SEC officially dropped its appeal in the long-running case, signaling the end of a four-year legal battle. This case’s end marks a significant moment for the crypto industry, as it clears some regulatory uncertainty surrounding digital assets.

Meanwhile, the SEC also ended its investigation into OpenSea, an NFT platform. The agency decided to drop its probe, marking another positive development for the crypto sector.

In a related move, the SEC filed a stipulation to dismiss its civil enforcement action against Coinbase, another major player in the digital asset space.