Gemini and Genesis: The End of a Legal Battle

The legal fight between Gemini Trust Company, Genesis Global Capital, and the US Securities and Exchange Commission (SEC) has finally come to an end. The SEC has decided to drop its civil lawsuit against Gemini and Genesis, which was centered around Gemini's Earn program. The SEC had claimed that the program was selling unregistered securities.

Case Dropped by Mutual Agreement

The decision to discontinue the case came after both parties agreed to it. They filed a joint request to end the lawsuit in a New York court. However, a judge's approval is still required to finalize the agreement.

Background of the Case

This development occurred nine months after the SEC paused the lawsuit in April 2024, under the leadership of Mark Uyeda. The SEC was open to dropping the case because Gemini investors had recovered their crypto assets through Genesis' bankruptcy process in mid-2024. Additionally, Gemini agreed to contribute up to $40 million to ensure all Earn investors received their assets back.

Genesis' Earlier Settlement

Genesis had already settled with the SEC earlier, agreeing to pay a $21 million fine. The SEC first filed the case in January 2023, during the Biden administration, which saw a wave of lawsuits and investigations into the crypto industry.

Recent Trend in Crypto Cases

This is not the only crypto-related case the US government has dismissed recently. Since the Trump administration began in January 2025, several cases have been dropped. The Trump administration has promised to ease regulations on the crypto sector.