![\"SEC](\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjYtMDEvMDE5YmVjZWMtMjYyYi03ZTAzLTlhMWYtMzY2NmQyMDQ2ZjlmLmpwZw==.jpg\")
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The SEC was satisfied with Gemini\u2019s agreement to contribute $40 million toward the full recovery of Gemini Earn investors\u2019 assets lost as a result of the Genesis bankruptcy.<\/p>\n
The US Securities and Exchange Commission\u2019s civil lawsuit against Gemini Trust Company and Genesis Global Capital in the Earn-related unregistered securities case has been dismissed with prejudice.<\/p>\n
Court filings show<\/a> the parties submitted a joint stipulation to dismiss the action on Friday in the US District Court in the Southern District of New York, effectively ending the SEC\u2019s claim over Gemini\u2019s crypto lending program with Genesis.<\/p>\n A federal judge still needs to sign off on the joint stipulation to dismiss.<\/p>\n The dismissal comes about nine months after the SEC paused the civil action in April 2024 when then-acting chairman Mark Uyeda was leading the agency.<\/p>\n The SEC was content with the dismissal based on a 100% in-kind return of Gemini Earn investors\u2019 crypto assets through the Genesis bankruptcy case in mid-2024 and Gemini agreeing to contribute up to $40 million to help fund the full return of those crypto assets.<\/p>\n It also noted that Genesis already settled with the SEC by agreeing to pay a $21 million fine.<\/p>\n The SEC brought the case against the Winklevoss-led Gemini and Genesis in January 2023, during the Biden administration, when crypto-related lawsuits and investigations surged as part of a broader regulatory crackdown on the industry.<\/p>\n Gemini\u2019s case adds to a growing list of crypto cases that US government agencies have dropped since the Trump administration took over in January 2025, which has promised to deregulate the sector.<\/p>\n Read more<\/p>\n<\/p>\n If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n\n