Court filings in New York reveal that the crypto exchange, founded by Tyler and Cameron Winklevoss, has reached a preliminary agreement with the Securities and Exchange Commission that could settle the dispute over its Gemini Earn product.

The legal battle centered on the SEC’s claim that Gemini failed to properly register its crypto lending service before pitching it to retail investors. The Earn program, which allowed users to generate yield by lending digital assets, became a flashpoint in the regulator’s crackdown on crypto lending platforms.

According to a joint letter submitted to federal court, both sides confirmed that the tentative deal would bring a “complete resolution” to the case. Finalization, however, still hinges on the SEC’s internal approval process before the settlement can officially take effect.

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If confirmed, the deal would close one of the most high-profile clashes between a major U.S. crypto exchange and the securities watchdog, potentially reshaping how similar products are offered to the public in the future.

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