Archive · 24 Jan 2026
SEC Dismisses Case Against Winklevoss' Gemini
The SEC has decided to drop its case against Gemini, a cryptocurrency exchange owned by the Winklevoss twins.
This happened because all the money that investors lost in a lending program was returned to them.
The SEC had originally sued Gemini and another company, Genesis, for selling investments illegally.
But since all the investors got their money back, the SEC decided to stop the case.
This doesn't mean the SEC thinks what Gemini did was okay, just that they don't need to punish them anymore because the investors were made whole.
The case was in a court in New York.
SEC agreed to dismiss its case against Gemini Space Station after investors recovered their assets in full.
Investors in Gemini Earn program received 100% of their crypto assets back through Genesis Global Capital's bankruptcy process.
The SEC had charged Genesis and Gemini with illegally selling securities through their crypto lending program in 2023.
Total value of Gemini Earn assets was $940 million when Genesis froze customer accounts in November 2022.
SEC emphasized that the dismissal does not reflect its position on any other cases.
- Who
- SEC, Gemini Space Station, Genesis Global Capital, Gemini Earn investors
- What
- Dismissal of SEC case against Gemini for crypto lending
- When
- Case dismissed in 2024, original charges in 2023
- Where
- Federal court in Manhattan
- Why
- Complete return of crypto assets to investors through Genesis bankruptcy process
- Parties Involved
- SEC, Gemini Space Station (formerly Gemini), Genesis Global Capital
- Case Status
- Dismissed
- Investor Recovery
- 100% of crypto assets returned
- Total Assets Involved
- $940 million
- Timeframe of Recovery
- May-June 2024
- Original Charges
- Illegally selling securities through crypto lending program
- SEC's Stance
- Dismissal does not reflect position on other cases