Gemini and SEC Reach Tentative Agreement, Bringing Closure to Earn Program Lawsuit After Three Years
NEW YORK — After nearly three years embroiled in legal disputes, cryptocurrency exchange Gemini Trust has reached a preliminary agreement with the U.S. Securities and Exchange Commission to settle a lawsuit concerning its Earn program. The investigation centered on Gemini’s now-defunct Earn program, which was recognized as a significant element in the SEC’s overall effort to regulate digital assets. This crypto lending product, which launched in 2021, promised retail investors up to 7.4% annual returns on Bitcoin and other cryptocurrency deposits. Attorneys representing both Gemini and the SEC submitted a joint letter in Manhattan federal … Read more