Overview

• In a joint letter to the Southern District of New York, the parties asked Judge Edgardo Ramos to pause all deadlines until December 15 to finalize settlement paperwork.
• The proposed agreement would fully resolve the SEC’s 2023 lawsuit alleging Gemini Earn functioned as an unregistered securities offering linked to loans routed through Genesis.
• Under SEC procedures, an in‑principle deal moves to a signed offer and staff recommendation before a Commission vote can approve it, and no settlement terms were disclosed.
• The case stems from Genesis’s 2022 withdrawal freeze that left about $900 million from roughly 340,000 Gemini Earn customers locked, after which Genesis paid $21 million to settle related SEC charges without admitting wrongdoing.
• The filing landed days after Gemini’s $425 million IPO that valued the company around $3.3 billion, with shares closing about 16% above the $28 offer price.