SEC drops lawsuit against Winklevoss twins’ Gemini cryptocurrency exchange

The Securities and Exchange Commission has dropped its lawsuit against Gemini, the cryptocurrency exchange founded by twins Cameron and Tyler Winklevoss.

The Winklevoss twins were donors to Donald Trump’s re-election campaign and also supported his family’s business ventures.

in Joint deposit On Friday, the SEC and Gemini asked the court to dismiss the lawsuit centered on… The collapse of an investment product called Gemini EarnWith some investors losing access to their funds for 18 months.

New York Attorney General Letitia James File a lawsuit against Gemini in 2023 He accused the company of defrauding investors. To justify the SEC’s dismissal of the case, the new filing points to a 2024 settlement between New York and Gemini, in which investors would eventually receive “one hundred percent of the crypto assets they lent (…) through the Gemini Earn program.”

This appears to be a larger pattern of leniency on the part of the Trump administration towards the cryptocurrency industry. The New York Times reported earlier The SEC has either denied, paused, or reduced the penalties In more than 60% of the cryptocurrency-related lawsuits that were pending when Trump took office last year.

Gemini has also filed to go public.