US EditionSEC Agrees to Dismiss Case over Crypto Lending by Winklevoss ...
The SEC dismissed claims after Gemini Earn investors recovered $940 million in crypto assets through Genesis Global Capital's bankruptcy process, marking full restitution.
- On Friday, the U.S. Securities and Exchange Commission agreed to dismiss its enforcement case against Gemini, founded by Tyler Winklevoss and Cameron Winklevoss, filing a joint stipulation in federal court in Manhattan.
- After the Genesis Bankruptcy returned assets, Gemini Earn investors received a 100 per cent in-kind return through the Genesis Bankruptcy and related settlements between May and June 2024.
- The Gemini Earn portfolio was worth $940 million when Genesis froze customer accounts in November 2022, and Gemini is valued at $1.14 billion per LSEG after a strong Nasdaq debut last year.
- The SEC stressed the dismissal does not set precedent for other matters, emphasizing its decision does not reflect its position and the financial regulator had resolved the lawsuit last year.
- In 2023 the SEC charged Genesis Global Capital and Gemini Trust Company with illegally selling `securities`, and filings identified the exchange as Gemini Space Station.
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Channel News Asia
SEC agrees to dismiss case over crypto lending by Winklevoss' Gemini
Jan 23 : The U.S. Securities and Exchange Commission on Friday agreed to dismiss its enforcement case against a cryptocurrency exchange founded by billionaire twins Tyler and Cameron Winklevoss, after investors in its lending program recovered their assets in full.The SEC and the exchange now known as Gemini
SEC Closes Gemini Earn Case; 100% Recovery Guaranteed
The U.S. Securities and Exchange Commission on Friday, January 23, formally dismissed its civil enforcement action against Gemini Trust Company, LLC, permanently closing a case tied to the now-defunct Gemini Earn crypto lending program. The dismissal, filed jointly in the Southern District of New York, ends the matter with prejudice, preventing the claims from being refiled. According to the court filing, the SEC said its decision followed a rev…
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