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 wrapped up. The SEC decided to drop its civil lawsuit against Gemini and Genesis. This lawsuit was about Gemini's Earn program, which the SEC claimed was selling unregistered securities. The decision to drop the case came after both sides agreed to it. They filed a joint request to end the lawsuit in a New York court. However, a judge still needs to approve this agreement.This all happened about nine months after the SEC put the lawsuit on hold in April 2024. At that time, Mark Uyeda was leading the SEC. The SEC was okay with dropping the case because Gemini investors got their crypto assets back. This happened through Genesis' bankruptcy process in mid-2024. Gemini also agreed to add up to $40 million to help return all crypto assets to its Earn investors. Genesis had already settled with the SEC earlier. They agreed to pay a $21 million fine. The SEC first filed this case in January 2023. This was during the Biden administration, when there were many lawsuits and investigations into the crypto industry. This isn't the only crypto case the US government has dropped recently. Since the Trump administration started in January 2025, there have been several cases dropped. The Trump administration has promised to ease regulations on the crypto sector.