SEC ends Gemini Earn case after full in-kind repayment; $900M, 340,000 users

According to a joint filing on Friday, the US Securities and Exchange Commission and Gemini Trust asked a federal court to dismiss the Gemini Earn lawsuit with prejudice, ending a case pending since January 2023. The regulator cited 100 percent in-kind repayments to customers and prior settlements, while saying the move does not signal broader policy changes. The Earn program freeze in 2022 at Genesis locked about $900M across roughly 340,000 users.