The Securities and Exchange Commission has dropped its lawsuit against Gemini, the crypto exchange founded by twins Cameron and Tyler Winklevoss.
The Winklevoss twins contributed to Donald Trump’s re-election campaign and also supported family businesses.
In a common deposit On Friday, the SEC and Gemini asked the court to dismiss the lawsuit, which centers on the collapse of an investment product called Gemini Earnsome investors losing access to their money for 18 months.
New York Attorney General Letitia James continued Gemini in 2023 and accused the company of defrauding investors. To justify the rejection of the SEC’s filing, the new filing cites a settlement in 2024 between New York and Gemini, with investors ultimately receiving “one hundred percent of the crypto assets they had lent.” […] through the Gemini Earn program.
This appears to be a broader pattern of leniency from the Trump administration towards the crypto industry. The New York Times previously reported that the SEC either rejected, suspended or reduced the sanctions in more than 60% of crypto prosecutions pending when Trump took office last year.
