The post Judge grants Gemini’s monetization plan for initial earned collateral appeared on BitcoinEthereumNews.com.

In a recent development, Gemini Trust Co. has obtained approval from Judge Sean Lane of the Southern District of New York to proceed with the monetization of Initial Collateral held for the benefit of Earn users.  The approval signifies a significant step forward in resolving the aftermath of the halt of Gemini’s Earn program during a crypto market crash in November 2023. Court greenlights Gemini’s asset return plan for earning users Gemini’s recent post on X (formerly Twitter) highlighted the court’s decision to permit the crypto exchange to initiate the monetization process, enabling the return of specific digital assets loaned to Earn users.  Earn Update: On February 14, Judge Lane approved Genesis’s Motion Authorizing Sale of Trust Assets. Pursuant to the bankruptcy court’s order approving the motion, Gemini is authorized to begin monetization of the Initial Collateral (30,905,782 shares of GBTC) it holds for the… — GeminiTrustCo (@GeminiTrustCo) February 17, 2024 This move emphasizes Gemini’s commitment to facilitating in-kind distributions, ensuring that Earn users receive the exact digital assets they had initially loaned, rather than an equivalent value in dollars or alternative cryptocurrencies. Gemini’s ongoing litigation and settlement efforts The halt of the Earn program following the crypto market crash has led to litigation between Genesis, Gemini, and Genesis’s parent company, Digital Currency Group. To keep Earn users informed about the progress, Gemini initiated a weekly update program. In the most recent update released Gemini informed users of Judge Lane’s approval and other relevant developments. Amended plan and continued review Genesis has filed an Amended Plan and Memorandum in Support of Confirmation, reflecting necessary changes aimed at resolving potential objections to confirmation, including those raised by Gemini. The amended plan also includes clarifications regarding the interests of creditors, particularly Earn users.  Gemini has assured its users that it will thoroughly…

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Filed under: News - @ February 18, 2024 12:26 pm