The Securities and Exchange Commission has dropped its lawsuit against Gemini, the crypto exchange founded by twins Cameron and Tyler Winklevoss.
The Winklevoss twins are donors to Donald Trump’s re-election campaign and also support their family’s business ventures.
At filing together there, the SEC and Gemini asked the court to dismiss the lawsuit, which centered on collapse of the investment product called Gemini Earnwith some investors losing access to their money for 18 months.
New York Attorney General Letitia James claim Gemini in 2023 and accused the company of defrauding investors. To justify the rejection of the SEC case, the new filing indicates a 2024 settlement between New York and Gemini, with investors finally receiving “one hundred percent of the crypto assets borrowed (…) through the Gemini Earn program.”
This appears to be a larger pattern of leniency from the Trump administration towards the crypto industry. The New York Times previously reported The SEC has either dismissed, suspended, or reduced the penalty in more than 60 percent of pending crypto lawsuits when Trump took office last year.