Gemini Earn Nears Closure

Gemini is a U.S. crypto exchange founded by Cameron and Tyler Winklevoss. In 2021, it launched Earn, where customers lent crypto to Genesis for yield. Genesis froze withdrawals in November 2022 after exposure tied to FTX and Alameda, then filed Chapter 11. That freeze is why Earn funds were stuck. In January 2023, the SEC sued Gemini and Genesis for offering an unregistered securities program.

Today, the SEC and Gemini told a federal judge they have a settlement in principle to resolve the case, with dismissal papers due by December 15. This closes a long chapter and clarifies yield programs going forward.