The U.S. Securities and Exchange Commission agreed to dismiss its enforcement action against cryptocurrency platform Gemini, founded by the Winklevoss twins, after investors in its Gemini Earn lending program received full restitution of their assets.
Gemini and the SEC filed a joint stipulation in federal court in Manhattan to drop the case, noting that the complete return of assets to investors was achieved through the Genesis Global Capital bankruptcy process between May and June 2024.
The original lawsuit, filed in 2023, alleged that Gemini and Genesis illegally sold securities through the Earn program. At the time, Genesis froze approximately $940 million in customer assets, but unlike many other crypto firms affected by the 2022 market downturn, it managed to return those assets to investors rather than liquidating them at a loss.
The SEC emphasized that the dismissal is specific to this case and does not signal a broader change in its regulatory stance. The move aligns with a shift toward more crypto-friendly policy under the current U.S. presidential administration.
Gemini has gained investor confidence, including a successful Nasdaq debut and a valuation exceeding $1 billion, as regulatory uncertainty around digital assets evolves.
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