SEC Drops Civil Action Against Gemini Over Earn Lending Program
The SEC has dismissed its enforcement action after customers recovered assets and Gemini agreed to contribute to investor recovery efforts [3][4].
The U.S. Securities and Exchange Commission has dismissed its civil enforcement action against Gemini Trust Company related to the Gemini Earn lending program, with the agency moving to dismiss the lawsuit and the case reported as dismissed with prejudice [1][2][4].
The SEC said Earn customers had already received 100% of their assets through the bankruptcy process of Genesis, and it was satisfied that Gemini agreed to contribute $40 million toward the full recovery of those investors’ assets—factors the agency cited in seeking dismissal [3][4].
Gemini had drawn SEC scrutiny beginning in 2023 over allegations that its Earn offering involved unregistered securities as a means to retain investors; the SEC’s move to dismiss closes the enforcement action stemming from that scrutiny [2][1].
With customer recoveries completed and a financial commitment from Gemini, the SEC dismissed the case, effectively ending this particular enforcement matter against the exchange [3][4].
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Citations
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- 1SEC Drops Civil Action Against Gemini’s Lending ProgramCrypto Breaking News• Jan 23, 2026
- 2SEC Moves To Dismiss Lawsuit Against Winklevoss-Backed Gemini ExchangeBankless News, Research and Analysis• Jan 23, 2026
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- 4SEC dismisses civil action against Gemini with prejudiceCointelegraph• Jan 23, 2026
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