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The Securities and Exchange Commission has dropped its lawsuit against Gemini, the crypto exchange founded by twins Cameron and Tyler Winklevoss.<\/p>\n
The Winklevoss twins were donors to Donald Trump\u2019s re-election campaign and also backed his family\u2019s business ventures.<\/p>\n
In a joint filing<\/a> on Friday, the SEC and Gemini asked the court to dismiss the lawsuit, which centered on the collapse of an investment product called Gemini Earn<\/a>, with some investors losing access to their money for 18 months.<\/p>\n New York Attorney General Letitia James sued Gemini in 2023<\/a> and accused the company of defrauding investors. To justify dismissing the SEC\u2019s case, the new filing points to a 2024 settlement between New York and Gemini, with investors ultimately receiving \u201cone hundred percent of the crypto assets they had loaned [\u2026] through the Gemini Earn program.\u201d<\/p>\n This appears to be a larger pattern of leniency from the Trump administration towards the crypto industry. The New York Times previously reported that the SEC has either dismissed, paused, or reduced penalties<\/a> in more than 60 percent of the crypto lawsuits pending when Trump took office last year.\u00a0<\/p>\n