The U.S. Securities and Exchange Commission (SEC) has dismissed a lawsuit against Gemini, a cryptocurrency exchange founded by twins Cameron and Tyler Winklevoss.
The Winklevoss twins donated to Donald Trump’s re-election campaign and also supported their family’s business ventures.
In a joint filing Friday, the SEC and Gemini asked the court to dismiss a lawsuit centered on the collapse of an investment product called Gemini Earn, which left some investors without access to their funds for 18 months.
New York Attorney General Letitia James sued Gemini in 2023 and accused the company of defrauding investors. To justify the SEC’s dismissal of the case, the new filing points to a 2024 agreement between New York and Gemini, under which investors would ultimately receive “100% of the cryptocurrency assets loaned through the Gemini Earn program.”
This appears to be a pattern of greater tolerance by the Trump administration toward the cryptocurrency industry. The New York Times previously reported that when President Trump took office last year, the SEC dismissed, suspended, or reduced fines in more than 60% of pending cryptocurrency lawsuits.
Gemini also applied to go public.
