SEC Drops Lawsuit Against Gemini: Winklevoss Twins' Crypto Exchange Wins Earn Product Case

In a significant legal development, the U.S. Securities and Exchange Commission (SEC) has dismissed its lawsuit against the cryptocurrency exchange Gemini, founded by billionaires Cameron and Tyler Winklevoss. The legal action was centered on Gemini's Earn product, a lending program the SEC had alleged involved the offering of unregistered securities. This dismissal represents a major victory for Gemini and the broader crypto industry, which has been under intense regulatory scrutiny. The case's closure removes a key legal overhang for the exchange and may set a positive precedent for other crypto firms facing similar regulatory challenges regarding their product offerings. The decision allows Gemini to continue focusing on its operations and expanding its services without this specific legal burden.