Overview
- The SEC and Gemini filed a joint stipulation in Manhattan federal court to dismiss the case with prejudice, pending a judge’s approval.
- The filing cites a 100% in‑kind return of assets to Gemini Earn users through Genesis Global Capital’s bankruptcy between May and June 2024.
- The dismissal would bar the agency from refiling the same claims against Gemini over the Earn lending program.
- The SEC’s January 2023 complaint alleged unregistered securities sales tied to Earn; Genesis separately agreed to a $21 million civil penalty.
- The Commission emphasized that its decision is specific to this case’s facts and does not set precedent for other crypto yield products.