Odaily Planet Daily News: The U.S. Securities and Exchange Commission (SEC) and the cryptocurrency exchange Gemini have reached a "settlement in principle" in a multi-year litigation case.

Court documents filed Monday with U.S. District Judge Edgardo Ramos of the Southern District of New York by lawyers for both parties indicate that the two parties have reached a settlement agreement in principle that will fully resolve the litigation, but it still requires review and approval by the Commission. Both parties also requested a stay of all pending dates.

The U.S. SEC filed a lawsuit against Genesis Global Capital and Gemini in January 2023, accusing them of conducting unregistered securities offerings and sales to retail investors through the Gemini Earn program. Launched in 2021 by Gemini, led by the Winklevoss brothers, the program allowed customers to lend cryptocurrencies to the now-bankrupt Genesis Global Capital and earn an annualized yield of up to 7.4%. (The Block)