Well, would you look at that-turns out the SEC ain’t as tough as it paints itself. In a move that surprised absolutely nobody who’s been watching the circus, the Securities and Exchange Commission has dropped its case against Gemini Trust Company, LLC, with what they call “prejudice,” which in government-speak means “don’t bother us again with this nonsense.”
The case, which began with all the usual fanfare and finger-wagging back in January 2023-filed in the Southern District of New York like it was the opening act of a Wall Street revenge drama-has now been quietly tucked into the dustbin of regulatory second thoughts. The joint stipulation filed today didn’t even come with fireworks. Just a shrug, a stamp, and the legal equivalent of “carry on, citizen.”
Gemini, that digital pasture where folks once lent out their crypto like spare change to a broke cousin, had its Earn program tangled up in the mess. Back when the market sneezed and half the crypto world caught pneumonia, Earn hit a rough patch-investors sweating, headlines screaming, the usual theater. But lo and behold, Gemini went and returned 100% of the crypto, in kind, like some penitent banker in a Dostoevsky novel. Either that, or they got really good at PowerPoint presentations.
The Commission, now apparently satisfied that someone finally did the homework they’ve been assigning to everyone since 2017, declared this a discretionary closure. Translation: “We saw something we didn’t like, made an example out of a few scapegoats, and now we’re going back to our offices to argue about Bitcoin ETFs.” They were careful to add-probably while glancing sideways at Coinbase and Binance-that this “doesn’t affect our stance in other matters.” Sure, and my granddaddy didn’t moonlight as a rodeo clown.
The whole thing stemmed from a case titled Securities and Exchange Commission v. Genesis Global Capital, LLC, et al., because nothing says bedtime reading like a docket number-1:23-cv-00287. Once, it looked like Gemini might get the full regulatory boot, but now? They’re walking free, dusting off their shoulders, and probably already drafting a press release with the phrase “trusted partner.”
In the end, investors got their coins back, the lawyers got their fees, and the SEC got… well, another box checked. The full details are buried in those joint stipulations and original complaints, where sunlight and common sense rarely tread. But hey-at least this chapter ended with something rare in crypto: a happy ending. Don’t blink, though. Tomorrow’s crisis is already loading.
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2026-01-26 11:35