On January 23, 2026, the U.S. Securities and Exchange Commission filed a joint stipulation with Gemini Trust Company seeking dismissal with prejudice of the SEC’s civil action involving Gemini Earn. The SEC said it considered the return of Earn investors’ crypto assets and related state and regulatory settlements. The dismissal resolves this SEC action—not every dispute involving Gemini, Genesis, or Earn customers.
Why did the SEC drop its lawsuit against Gemini?
The SEC said its decision to seek dismissal was “in the exercise of its discretion.” In its January 23, 2026 litigation release, the agency identified two factors it considered: the “100 percent in-kind return of Gemini Earn investors’ crypto assets” and state and regulatory settlements involving Gemini related to the Earn program.
That 100 percent figure is the SEC’s description of the return of investors’ crypto assets. The release does not give a dollar value or investor count, and it does not establish that every investor recovered interest, compensation for other losses, or amounts connected to separate claims.
What was Gemini Earn?
Gemini Earn was a crypto lending program. Customers lent crypto assets to Genesis Global Capital in exchange for interest, according to contemporaneous TechCrunch coverage of the SEC’s 2023 action. The SEC’s case concerned Gemini Trust Company’s role in that program.
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Which lawsuit was dismissed?
The case was SEC v. Genesis Global Capital, LLC et al., No. 1:23-cv-00287, in the U.S. District Court for the Southern District of New York. The SEC says it brought the action on January 12, 2023. On January 23, 2026, the SEC and Gemini Trust Company filed a joint stipulation seeking dismissal with prejudice. The SEC-hosted court filing is the underlying stipulation.
“With prejudice” means this particular action is being dismissed in a way that generally prevents the same claim from being brought again. It does not make the dismissal a court ruling that Gemini was innocent or that the SEC’s allegations were disproven: the SEC announced that it sought dismissal based on its discretion and the stated circumstances, rather than reporting a merits judgment after trial.
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- Proven security at scale: Over 9 years and millions of cards issued with no known remote hacks, while military‑grade EAL6+ security keeps your private keys locked inside the chip. Your cryptocurrencies stay strongly protected from online attackers.
- Tap once to manage your entire crypto wallet across 90 blockchains - no USB cables or Bluetooth, no batteries, no setup. Access 14,100+ coins & tokens, DeFi, NFTs, and staking instantly from your phone
- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
- Engineered to last up to 25 years: Waterproof (IP69K), shockproof and tested for extreme temperatures from −25°C to 50°C. A durable cold wallet with long‑term protection and independently audited security.
- Trusted by 6 million users worldwide (4.9 App Store, 4.8 Google Play) - buy, sell, swap, stake, and spend cryptocurrency directly. The secure offline storage wallet designed for how people actually use crypto wallets
Does the dismissal mean the SEC cleared Gemini?
No broad clearance follows from this filing. The SEC expressly cautioned that its decision “does not necessarily reflect the Commission’s position on any other case.” The announcement resolves only the SEC action described above; it should not be read as ending every claim, proceeding, or dispute involving Gemini, Genesis, the Winklevoss twins, or Earn customers.
In particular, contemporaneous reporting noted a separate New York Attorney General case. That proceeding is distinct from the SEC action dismissed here, and the SEC’s announcement does not determine its outcome.
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- Proven security at scale: Over 9 years and millions of cards issued with no known remote hacks, while military‑grade EAL6+ security keeps your private keys locked inside the chip. Your cryptocurrencies stay strongly protected from online attackers.
- Tap once to manage your entire crypto wallet across 90 blockchains - no USB cables or Bluetooth, no batteries, no setup. Access 14,100+ coins & tokens, DeFi, NFTs, and staking instantly from your phone
- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
- Engineered to last up to 25 years: Waterproof (IP69K), shockproof and tested for extreme temperatures from −25°C to 50°C. A durable cold wallet with long‑term protection and independently audited security.
- Trusted by 6 million users worldwide (4.9 App Store, 4.8 Google Play) - buy, sell, swap, stake, and spend cryptocurrency directly. The secure offline storage wallet designed for how people actually use crypto wallets
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