SEC drops lawsuit against Gemini Trust, the Winklevoss twins' crypto exchange

The Securities and Exchange Commission agreed to dismiss a long-running lawsuit against Gemini Trust, the cryptocurrency exchange founded and run by Tyler and Cameron Winklevoss, a filing made public on Friday shows. The twins, described in the filing as among President Trump’s closest allies in the crypto industry, have donated to a fund-raising committee that backed Mr.

Trump’s re-election campaign and other Republican organizations, contributed to construction of the new White House ballroom, were founding members of an exclusive club partly owned by Donald Trump Jr., and backed a crypto firm co-founded by Eric Trump, the report said. The case grew out of the 2022 collapse of the Gemini Earn program, under which customers lent digital assets to Genesis and some lost access to their funds for about 18 months.

Investors ultimately recovered their money after a regulatory action by the New York attorney general; Genesis reached a $2 billion settlement with New York in May 2024 and later settled with the S.E.C. for a $21 million penalty. Gemini acknowledged no wrongdoing and said Genesis was to blame, and also agreed to a state deal to cover up to $50 million in remaining losses if needed.

Gurbir S.

Key Topics

Crypto, Gemini Trust, Tyler Winklevoss, Cameron Winklevoss, Sec, Genesis Global Capital