SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

Published

3 months ago

April 2, 2025

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

The US Securities and Exchange Commission and crypto exchange Gemini have asked to pause the regulator’s suit over the exchange’s Gemini Earn program, saying they want to discuss a potential resolution.

In an April 1 letter to New York federal court judge Edgardo Ramos, lawyers representing the SEC and Genesis requested a 60-day hold on the case and that all deadlines be pulled “to allow the parties to explore a potential resolution.”

“In this case, the parties submit that it is in each of their interests to stay this matter while they consider a potential resolution and agree that no party or non-party would be prejudiced by a stay,” the letter states.

The lawyers added that a stay was in the court’s interest as “a resolution would conserve judicial resources” and proposed that a joint status report be submitted within 60 days after the entry of the stay.

The SEC sued Gemini and crypto lending firm Genesis Global Capital in January 2023, alleging they offered unregistered securities through the Gemini Earn program.

In March 2024, Genesis agreed to pay $21 million to settle charges related to the lending program, but the enforcement case against Gemini remains outstanding.

The letter did not specify what a possible resolution would entail, but the SEC has dropped several lawsuits it launched against crypto companies under the Biden administration, including against Coinbase, Ripple and Kraken.

In February, Gemini said the SEC closed a separate investigation into the firm as the regulator winds back its crypto enforcement under President Donald Trump.

“The SEC cost us tens of millions of dollars in legal bills alone and hundreds of millions in lost productivity, creativity, and innovation. Of course, Gemini is not alone,” Gemini co-founder Cameron Winklevoss said at the time.

OpenSea, Crypto.com and Uniswap, among others, have also recently reported that the SEC had closed similar probes into their companies that were investigating alleged breaches of securities laws.

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Politics

MP Zarah Sultana who was ousted from Labour announces she is starting new political party with Jeremy Corbyn

Published

5 hours ago

July 3, 2025

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MP Zarah Sultana who was ousted from Labour announces she is starting new political party with Jeremy Corbyn

An MP who was ousted from the Labour Party has announced she is setting up a new political party with Jeremy Corbyn.

Independent MP Zarah Sultana said she and the former Labour leader will co-lead the new party, which she did not provide a name for.

She said other independent MPs, campaigners and activists from across the country will join them, but did not name anyone.

Politics latest: Zarah Sultana’s stinging resignation letter

Ms Sultana also said she was “resigning” from the Labour Party after 14 years.

She was suspended as a Labour MP shortly after they came to power last summer for voting against the government maintaining the two-child benefit cap.

Several others from the left of the party, including Mr Corbyn, were also suspended for voting against the government, and also remained as independent MPs.

However, Ms Sultana was still a member of the Labour Party – until now.

Mr Corbyn has previously said the independent MPs who were suspended from Labour would “come together” to provide an “alternative.

The other four are: Iqbal Mohamed, Shockat Adam, Ayoub Khan and Adnan Hussain.

Mr Corbyn and the other four independents have not said if they are part of the new party Ms Sultana announced.

In her announcement, Ms Sultana said she would vote to abolish the two-child benefit cap again and also voted against scrapping the winter fuel payment for most pensioners.

Ms Sultana also voted against the government’s welfare bill this week, which was heavily watered down as Sir Keir Starmer tried to prevent a major rebellion from his own MPs.

On Wednesday, Ms Sultana spoke passionately against Palestine Action being proscribed as a terror organisation – but MPs eventually voted for it to be.

She said to proscribe it is “a deliberate distortion of the law to chill dissent, criminalise solidarity and suppress the truth”.

Ms Sultana said they were founding the new party because “Westminster is broken but the real crisis is deeper – just 50 families now own more wealth than half the UK population”.

She called Reform leader Nigel Farage “a billionaire-backed grifter” leading the polls “because Labour has completely failed to improve people’s lives.

The MP, who has spoken passionately about Gaza, added: “Across the political establishment, from Farage to Starmer, they smear people of conscience trying to stop a genocide in Gaza as terrorists.

“But the truth is clear: this government is an active participant in genocide. And the British people oppose it.

“We are not going to take this anymore.”

A Labour Party spokesperson said: “In just 12 months, this Labour government has boosted wages, delivered an extra four million NHS appointments, opened 750 free breakfast clubs, secured three trade deals and four interest rate cuts lowering mortgage payments for millions.

“Only Labour can deliver the change needed to renew Britain.”