The U.S. Securities and Exchange Commission (SEC) has filed to dismiss its lawsuit against Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss. The lawsuit, originally filed in January 2023, alleged that the company's Gemini Earn program, offered in partnership with the now-bankrupt Genesis Global Capital, constituted the unregistered sale of securities.
The dismissal comes after investors in the defunct Earn program received a full, in-kind recovery of their crypto assets through the Genesis bankruptcy process. The SEC noted this 100% restitution, facilitated in part by a $40 million contribution from Gemini, as a key reason for dropping the case. The joint stipulation dismisses the case "with prejudice," preventing the SEC from refiling the same claim in the future.