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SEC Dismisses Lawsuit Against Gemini Over Earn Product
Source: CryptoNewsNet Original Title: SEC dismisses lawsuit against billionaire Winklevoss twins-backed Gemini over Earn product Original Link: https://cryptonews.net/news/legal/32327943/ The U.S. Securities and Exchange Commission (SEC) agreed to dismiss a lawsuit against crypto exchange Gemini on Friday, tied to the company’s defunct Earn product, saying the suit was no longer warranted.
The SEC sued Gemini and Genesis Global Capital in 2023, alleging the companies had sold unregistered securities in the form of Gemini’s yield-bearing Earn product. Investors had entrusted their funds to Gemini, which had loaned them to Genesis, which halted withdrawals after the 2022 FTX collapse and the broader crypto market downturn, the SEC said in its lawsuit.
The SEC halted the lawsuit in April of last year, after Acting Chairman Mark Uyeda had taken over the regulatory agency.
In a court filing Friday, the SEC and Gemini agreed to a joint stipulation — meaning agreement — finding that Gemini had already repaid its investors 100% of their funds through Genesis’ bankruptcy process. A federal judge still needs to sign off on the move.