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The U.S. Securities and Exchange Commission has dismissed its civil enforcement action against Gemini Trust Company, LLC, with prejudice.
The dismissal follows a joint stipulation filed today, ending the case tied to the Gemini Earn program.
The decision comes after Gemini achieved a 100% in-kind return of crypto assets to Earn investors. It also considers state and regulatory settlements related to the program.
The SEC stated the move is an exercise of its discretion and does not impact its position on other cases.
The action stemmed from a complaint filed on January 12, 2023, in the Southern District of New York. Titled Securities and Exchange Commission v. Genesis Global Capital, LLC, et al., case number 1:23-cv-00287, it targeted Gemini alongside Genesis Global Capital.
Gemini, a cryptocurrency platform, faced allegations linked to its Earn lending product. The program allowed users to lend crypto assets for interest, but ran into issues amid market turmoil.
The SEC’s announcement marks a resolution for Gemini, highlighting investor recoveries as a key factor. Full details are available in the joint stipulation and original complaint documents.
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