The U.S. Securities and Exchange Commission (SEC) has dismissed the lawsuit filed against Gemini’s “Earn” product. The case concerned the return of assets to Gemini’s users; however, the SEC stated that Gemini Earn customers have already recovered 100% of their assets through the bankruptcy proceedings of Genesis, leaving no basis for the lawsuit. Gemini, a well-known cryptocurrency exchange founded by billionaire Winklevoss twins, offers various financial services including Gemini Earn, which allows users to earn interest on their deposited crypto assets by lending them through Gemini in exchange for profits. Previously, Genesis, a major crypto lending firm, faced financial difficulties and declared bankruptcy, raising concerns among Gemini Earn users about asset recovery. With the SEC’s dismissal of the case, Gemini users now have legal protection, and their assets have been restored. This decision highlights the importance of transparency and adherence to legal requirements in asset returns within the rapidly evolving cryptocurrency market. Nonetheless, investors are advised to exercise caution due to inherent market volatility and financial risks.
Source: coindesk
