The US Securities and Exchange Commission (SEC) has agreed to dismiss its enforcement case against Gemini, a cryptocurrency exchange founded by Tyler and Cameron Winklevoss. The decision follows a full recovery of assets by investors in Gemini’s lending program through Genesis Global Capital’s bankruptcy process between May and June 2024.
The exchange’s current name, the SEC, and Gemini Space Station jointly filed a stipulation to dismiss the case in federal court in Manhattan. Gemini is a cryptocurrency exchange that allows users to buy, sell and store digital assets. The company also offers various crypto-related services, including a lending program called Gemini Earnings.
In 2023, the SEC charged that hundreds of thousands of investors were illegally sold securities through the Gemini Earnings program. Users loaned their crypto at birth and received interest in return. When customer accounts were born in November 2022, the total value of Gemini earning assets was $940 million. The SEC said its decision to dismiss the case against Gemini does not reflect its position on any other matter.
Gemini had a strong start to the Nasdaq last year. According to LSEG data, the exchange is currently worth $1.14 billion. The move signals growing institutional adoption and investor optimism for digital assets, in addition to a possible shift in the SEC’s regulatory approach under US President Donald Trump.
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