SEC Drops Case Against Gemini After Investors Get Money Back

The U. S. Securities and Exchange Commission (SEC) has decided to drop its case against Gemini, a crypto exchange run by the Winklevoss twins. This comes after investors in Gemini's lending program got all their money back.

Background

• Case Initiation: The SEC started this case last year.
• Accusations: They accused Gemini and another company, Genesis, of selling unregistered securities.
• Gemini Earn Program: The problem started with the Gemini Earn program. People who used this program lent their crypto to Genesis and earned interest.
• Market Crash: In November 2022, Genesis stopped letting people take out their money. This was during a big crash in the crypto market.

Recent Developments

• Investor Repayment: The SEC was not happy about this. But things changed when Genesis was able to return all the crypto to the investors.
• SEC Statement: The SEC said in a court document that since all the investors got their crypto back, it was fair to drop the case. They also said this decision does not affect other cases they are working on.

Gemini's Current Status

• Market Performance: Gemini has been doing well lately. It started trading on Nasdaq last year and is now worth about $1.14 billion.
• Investor Interest: This shows that more big investors are getting interested in crypto.

Regulatory Changes

• SEC's Stance: The SEC has been changing how it deals with crypto under President Trump. He has been saying he wants to make crypto rules better and help more people use digital money.

Gemini's Response

• Silence: Gemini did not say anything about this news right away. They might talk more about it later.