The U.S. Securities and Exchange Commission has dismissed its civil enforcement actions against Gemini Trust Company, LLC with prejudice.
The dismissal follows a joint stipulation filed today that ends the case related to the Gemini Earn program.
The decision comes after Gemini delivered a 100% in-kind return of crypto assets to Earn investors. It also takes into account state and regulatory settlements related to the program.
The SEC stated that this move is an exercise of its discretion and does not affect its position in other cases.
The action stemmed from a complaint filed on January 12, 2023 in the Southern District of New York. Titled Securities and Exchange Commission v. Genesis Global Capital, LLC, et al., case number 1:23-cv-00287, it targeted Gemini alongside Genesis Global Capital.
Gemini, a cryptocurrency platform, faced allegations related to its Earn lending product. The program allowed users to lend out crypto assets at interest, but encountered problems during the market turmoil.
The SEC’s announcement marks a decision for Gemini, highlighting investor recovery as a key factor. Full details are available in the joint determination and the original complaint documents.
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