The Securities and Exchange Commission (SEC) and Gemini Trust Company have submitted updates to the courts, indicating they have reached a “principle resolution” related to securities cases stemming from a complaint made in 2023.
According to the SEC and Gemini Trust, this resolution is pending further examination and approval by the relevant committee, with the filing made recently in the US District Court for the Southern District of New York (SDNY).
The document stated that if the lawsuit remains unresolved by December 15th, each party plans to submit individual status reports.
The case against Gemini Trust and Genesis Global Capital originated from a complaint by the SEC filed in January 2023, alleging that the two were involved in unregistered offers and sales of securities to retail investors in the US from February 2021 to November 2022.
This agreement seems to be a significant step toward concluding the lawsuit, especially after the SEC and Genesis reached a $21 million settlement in 2024.
Under the leadership of then-acting SEC chairman Mark Ueda, the agency informed Gemini in February that they would not push forward with enforcement actions related to a separate investigation into the firm.
Furthermore, the SEC’s securities case claimed that investors had sent assets to Genesis via Gemini’s acquisition program, expecting returns in the form of interest. It asserted that the companies collectively raised substantial amounts—”billions of dollars worth of crypto assets”—primarily from US retail investors without the necessary regulatory registrations.
Trump and Gemini: Crypto-Policy Partners?
Gemini co-founders Cameron and Tyler Winklevoss have shown financial and personal support for President Donald Trump during the 2024 campaign and have maintained a strong connection to the White House this year.
The twins participated in the signing of the Genius Stubcoin bill and reportedly encouraged Trump to reconsider Brian Quintenz’s appointment as chair of the U.S. Commodity Futures Trading Commission.
As of Monday, the White House requested that the Senate committee postpone hearings on Quintenz’s appointment before the August recess, with no further hearings planned at that time.
Last week, Quintenz published a screenshot of a text exchange with the Winklevoss twins from July.
Additionally, Gemini went public recently, raising $425 million through the sale of approximately 15.2 million shares.
