The U.S. Securities and Exchange Commission (SEC) has reportedly reached a preliminary settlement with cryptocurrency platform Gemini Trust, ending its legal proceedings. According to Reuters, the lawsuit filed regarding Gemini’s “Earn” program, founded by billionaire twins Tyler and Cameron Winklevoss, may conclude with a preliminary settlement between the parties.
In a letter filed in Manhattan federal court on Monday, attorneys for the SEC and Gemini stated that the agreement would provide a “complete resolution of the case.” However, they added that the settlement requires formal approval from the SEC for it to take effect.
The SEC accused Gemini of failing to complete required registrations before offering its crypto-asset lending program, Gemini Earn, to individual investors. The agreement marks a significant milestone in the litigation between the parties.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/breaking-sec-reaches-settlement-in-another-cryptocurrency-case/