Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Policy
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
SEC dismisses lawsuit against billionaire Win
Policy
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
SEC dismisses lawsuit against billionaire Win
SEC dismisses lawsuit against billionaire Winklevoss twins-backed Gemini over Earn product
For feedback or concerns regarding this content, please contact us at [email protected]
SEC dismisses lawsuit against billionaire Winklevoss twins-backed Gemini over Earn product
The SEC said Gemini Earn customers had already received 100% of their assets back through Genesis' bankruptcy, warranting the dismissal of the case.
By Nikhilesh De|Edited by Aoyon Ashraf
Updated Jan 23, 2026, 10:27 p.m. Published Jan 23, 2026, 10:21 p.m.
Make us preferred on Google
Gemini co-founders Cameron and Tyler Winklevoss (Jesse Hamilton/CoinDesk)
What to know:
- The SEC said in a court filing Friday it would dismiss a lawsuit filed against Gemini over its defunct Earn product.
- The suit was no longer warranted after Gemini Earn investors received 100% of their assets back, the filing said.
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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the State of Crypto Newsletter today. See all newsletters
Sign me up
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.
"The 100 percent in-kind return of Gemini Earn investors' crypto assets through the Genesis Bankruptcy and the settlements noted above, and in the exercise of its discretion, the Commission believes the dismissal of the claims against Defendant is appropriate," the filing said.
The lawsuit had previously survived a motion to dismiss, after a federal judge ruled that the agency had "plausibly allege[d]" that there were securities law violations.
Friday's filing noted that Genesis had already settled with the SEC, agreeing to pay a $21 million fine, and Gemini had settled with New York state regulators.
The case joins more than a dozen other lawsuits the SEC has dropped over the last year, most of which were filed during the presidency of former President Joe Biden and under the watch of former SEC Chair Gary Gensler.
Current SEC Chair Paul Atkins said last November that the regulator would publish new guidelines for crypto companies to use in determining whether their products are securities. The same question is at the heart of ongoing debates around legislation before the Senate, which is working on bills that aim to clearly lay out how the SEC can oversee crypto markets.
SECGenesisGemini
More For You
KuCoin Hits Record Market Share as 2025 Volumes Outpace Crypto Market
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
View Full Report
More For You
Senate Agriculture's crypto market structure draft peppered with Democrat pitches
The latest draft of the major crypto legislation has begun to be targeted with amendments as the Senate Agriculture Committee approaches its hearing next week.
What to know:
- Proposed amendments to the Senate Agriculture Committee's crypto market structure bill have been posted, and the Democrats filing the pitches are seeking to push a number of the points they've sought over months of negotiation.
- Democrat amendments include proposals for banning senior government officials from profiting off of crypto interests and a demand for filling the Commodity Futures Trading Commission before new rules can be put in place.
- The committee's markup hearing for the bill is currently scheduled for next week, though a winter storm threatens the U.S. capital.
Read full story
Latest Crypto News
Senate Agriculture's crypto market structure draft peppered with Democrat pitches
FBI arrests ex-Olympian drug 'kingpin' who allegedly used crypto to move proceeds
Stablecoins moved $35 trillion last year but only 1% of it was for 'real world' payments
U.S. Senator Warren rebuffed on delay of World Liberty bank charter over Trump ties
Kevin O'Leary says power is now more valuable than bitcoin
U.K. FCA moves closer to crypto regulation with final consumer duty consultation
Top Stories
Binance plans to bring back tokenized stock trading after 2021 retreat
A hacker’s $23 million ‘flex’ backfires after sleuth traces funds to a massive U.S. government seizure
Crypto custodian BitGo down 12%, falling well below IPO price on second trading day
Buying ether and Bitmine Immersion ahead of weekend a good bet: Standard Chartered
Binance’s Changpeng Zhao says bitcoin will ‘break’ the four-year cycle this year
Latest Crypto News
Senate Agriculture's crypto market structure draft peppered with Democrat pitches
FBI arrests ex-Olympian drug 'kingpin' who allegedly used crypto to move proceeds
Stablecoins moved $35 trillion last year but only 1% of it was for 'real world' payments
U.S. Senator Warren rebuffed on delay of World Liberty bank charter over Trump ties
Kevin O'Leary says power is now more valuable than bitcoin
U.K. FCA moves closer to crypto regulation with final consumer duty consultation
Top Stories
Binance plans to bring back tokenized stock trading after 2021 retreat
A hacker’s $23 million ‘flex’ backfires after sleuth traces funds to a massive U.S. government seizure
Crypto custodian BitGo down 12%, falling well below IPO price on second trading day
Buying ether and Bitmine Immersion ahead of weekend a good bet: Standard Chartered
Binance’s Changpeng Zhao says bitcoin will ‘break’ the four-year cycle this year
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact [email protected] for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.
You May Also Like
Husky Inu (HINU) Completes Move To $0.00020688
Husky Inu (HINU) has completed its latest price jump, rising from $0.00020628 to $0.00020688. The price jump is part of the project’s pre-launch phase, which began on April 1, 2025.
Share
Cryptodaily2025/09/18 01:10
Uber, Bolt drivers in Lagos and Ogun to embark on 3-day strike from tomorrow
e-Hailing drivers in Lagos, under the Amalgamated Union of App-based Transporters of Nigeria (AUATON), have announced a major… The post Uber, Bolt drivers in Lagos
Share
Technext2026/03/16 01:15
Tokyo Fashion Brand Expands Into Bitcoin and AI
The post Tokyo Fashion Brand Expands Into Bitcoin and AI appeared on BitcoinEthereumNews.com. On Wednesday, Japanese casual apparel retailer Mac House announced that shareholders approved a name change to Gyet Co., Ltd., signaling a strategic shift into crypto and digital assets. The move highlights a broader corporate plan centered on cryptocurrency, blockchain, and artificial intelligence. It reflects the company’s ambition to launch a global Bitcoin treasury program, drawing attention from both domestic and international observers. “Yet” and Its Global Significance Gyet’s amended corporate charter introduces wide-ranging digital initiatives, adding cryptocurrency acquisition, trading, management, and payment services. The new objectives also cover crypto mining, staking, lending, and yield farming, as well as blockchain system development, NFT-related projects, and research in generative AI and data center operations. These changes indicate a clear intent to diversify beyond apparel and position the company within global technology and finance sectors. Sponsored Sponsored The rebranding reflects Gyet’s aim to operate with a broader international outlook. Its new name conveys three concepts: “Growth Yet,” “Global Yet,” and “Generation Yet,” signaling a desire to create technology-driven value for future generations while expanding beyond Japan’s domestic market. Bitcoin Purchasing and Mining Gyet declared its digital asset ambitions in June 2025 and in July signed a basic cooperation agreement with mining firm Zerofield. The company has since begun a $11.6 million Bitcoin acquisition program and is testing mining operations in US states such as Texas and Georgia, where electricity costs are relatively low. Its goal of holding more than 1,000 BTC is modest globally, but the model—funding purchases and mining with retail cash flow—remains unusual for an apparel business. Within Japan, Gyet follows companies such as Hotta Marusho and Kitabo, which have also diversified into cryptocurrency activities distinct from their original operations. This move may accelerate corporate Bitcoin holdings as a financial strategy, attract interest in overseas mining ventures by Japanese firms, and…
Share
BitcoinEthereumNews2025/09/18 11:13