"The Securities and Exchange Commission has dropped its lawsuit against Gemini, the crypto exchange founded by twins Cameron and Tyler Winklevoss. The Winklevoss twins were donors to Donald Trump's re-election campaign and also backed his family's business ventures. In a joint filing on Friday, the SEC and Gemini asked the court to dismiss the lawsuit, which centered on the collapse of an investment product called Gemini Earn, with some investors losing access to their money for 18 months."
"New York Attorney General Letitia James sued Gemini in 2023 and accused the company of defrauding investors. To justify dismissing the SEC's case, the new filing points to a 2024 settlement between New York and Gemini, with investors ultimately receiving "one hundred percent of the crypto assets they had loaned [...] through the Gemini Earn program." This appears to be a larger pattern of leniency from the Trump administration towards the crypto industry."
The SEC dropped its lawsuit against Gemini related to the collapse of the Gemini Earn investment product. The lawsuit centered on investors who lost access to funds for up to 18 months. New York Attorney General Letitia James sued Gemini in 2023, accusing the company of defrauding investors. A 2024 settlement between New York and Gemini returned one hundred percent of the crypto assets loaned through the Gemini Earn program. The SEC and Gemini jointly asked the court to dismiss the case. The move aligns with broader leniency toward the crypto industry during the Trump administration, and Gemini has filed to go public.
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