SEC прекращает противостояние с Gemini после успешного восстановления активов клиентов Translation: SEC Ends Standoff with Gemini After Successful Recovery of Client Assets

The U.S. Securities and Exchange Commission (SEC) reached a settlement with Gemini, founded by the Winklevoss twins, regarding a lawsuit tied to the now-defunct Earn income product.

In January 2023, the regulator accused the cryptocurrency exchange of engaging in unregistered securities offerings through its lending program. Users of Earn could earn up to 8% annual interest on cryptocurrency deposits.

In mid-November 2022, the exchange halted payments related to the program amid financial difficulties faced by its main partner, the OTC platform Genesis Global Capital. The firm owed Gemini $900 million of client funds that had been loaned out.

In February 2024, the exchange committed to return $1.1 billion to Earn users as part of the settlement with the New York State Department of Financial Services (NYSDF). Subsequently, the platform stated it would refund 100% of the assets to clients in the program, amounting to $2.18 billion.

Following a change in SEC leadership in early 2025, the agency decided to close the administrative case against the exchange. In April, both parties requested a 60-day postponement from the court to explore potential settlement options.

According to the agreement reached, the Commission sees no grounds to continue the proceedings, as Earn clients had received back 100% of their assets through the Genesis bankruptcy process.

Gemini has agreed to contribute $40 million to facilitate the refund process as part of settling claims with the NYSDF.

Genesis has also settled its lawsuit with the SEC by paying a $21 million fine.

Notably, in September 2025, Gemini conducted an IPO, raising $425 million.