SEC Moves to Drop Gemini Earn Case After Genesis Bankruptcy Repays Investors in Full

The U.S. SEC has asked a federal court to dismiss its enforcement action against Gemini over the Gemini Earn program after users were fully repaid through Genesis Global Capital's bankruptcy. The lawsuit, originally filed nearly three years earlier over alleged unregistered securities sales, is now viewed by the regulator as unnecessary following a 100 percent in-kind return of customer crypto assets.