SEC Case Against Gemini and Genesis Dismissed With Prejudice

[madtrader]

The U.S. Securities and Exchange Commission’s civil lawsuit against Gemini Trust Company and Genesis Global Capital over the Earn crypto lending program has been dismissed with prejudice. The joint stipulation to end the case was filed Friday in the U.S. District Court for the Southern District of New York, though a federal judge still needs to sign off.

The dismissal comes after the SEC paused the action in April 2024 and follows the full in-kind return of Gemini Earn investors’ assets via the Genesis bankruptcy. Gemini also agreed to contribute up to $40 million to ensure investors received their crypto in full. Genesis had previously settled with the SEC, paying a $21 million fine.

[johnblockbuster]

sec files lawsuit, pauses it, ends it… regulation at its finest