Crypto Enforcement Shift? Gemini, Ripple, and Uniswap Near Settlements as SEC Cases Wind Down

SEC and Gemini Request 60-Day Pause to Pursue Mediation

Key Takeaways:

• Gemini and the SEC have jointly requested a 60-day pause in legal proceedings to explore a mediated settlement.
• The case, originally filed under the Biden administration, centers around the now-discontinued Gemini Earn program.
• Gemini Earn allowed users to lend crypto in exchange for high yields.
• A settlement would mark another high-profile crypto case closure under the Trump administration, reinforcing its rollback of prior anti-crypto measures.

SEC and Gemini Seek Court-Approved Mediation Period

On April 1, 2025, Gemini Exchange filed a joint request with the SEC seeking a 60-day pause in court hearings. The move aims to allow both parties to negotiate a potential settlement outside the courtroom.

The case, initiated under President Biden’s administration, focused on Gemini’s Earn program, which was eventually shuttered. This program allowed customers to lend their crypto assets to Gemini for attractive returns—something the SEC labeled as unregistered securities activity.

Now, under the Trump administration, the SEC appears more open to resolving such disputes through mediation, echoing its recent pattern with other crypto companies like Ripple, Kraken, and Uniswap.

Trump-Era SEC Reversals: A Wave of Settlements

Memecoins Deregulated

Earlier this month, the SEC issued a notice reclassifying memecoins as non-securities due to their lack of real-world utility. As a result, these tokens will now be treated similarly to collectibles, like baseball cards—subject to less regulation and lower taxation.

XRP Resolution

In the long-running XRP case, the Southern District of New York mandated that XRP be delisted as a security. Ripple agreed to a $125 million penalty, and in a private session on March 13, 2025, Ripple and the SEC finalized a further $50 million settlement.

Gemini Earn Progress

The Gemini Earn case has been under litigation since January 2023. After more than two years, the Manhattan Federal Court has now permitted both sides to explore a mutually agreeable resolution through mediation. The 60-day pause requested this week signals a possible end to the legal standoff.

Uniswap Clearance

Uniswap was among the most prominent targets in the SEC’s crypto crackdown. The regulator had accused the platform of operating as an unregistered broker and offering unregistered securities through UNI. However, on February 25, 2025, Uniswap confirmed that the SEC had formally dropped the case.

Ongoing Investigations Nearing Resolution

Cumberland DRW

The SEC accused market maker Cumberland DRW of conducting over $2 billion in unregistered crypto trades without a broker-dealer license. Cumberland has stated that an agreement has been reached, though an official SEC statement is still awaited.

Kraken

Charged in November 2023 for selling unregistered securities, Kraken reported in March 2025 that it reached a no-penalty agreement with the SEC. An official clearance notice from the regulator is pending.

Towards a Regulatory Reset?

As these high-profile crypto cases wrap up, the Trump-era SEC appears to be systematically unwinding the stringent policies set during Gary Gensler’s tenure. Should all pending cases reach similar resolutions, it would mark a decisive shift in the regulatory environment for U.S.-based crypto firms.

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