The U.S. Securities and Exchange Commission (SEC) stated in a court filing that it will dismiss a lawsuit against Gemini and its defunct Earn product. The filing states that the lawsuit no longer has legal basis because Gemini Earn investors have recovered 100% of their assets. The SEC sued Gemini and Genesis Global Capital in 2023, accusing the two companies of selling unregistered securities in the form of Gemini's income-generating product, Earn. The SEC alleged in the lawsuit that investors entrusted funds to Gemini, which then lent those funds to Genesis, which stopped withdrawals after the FTX crash in 2022 and the broader cryptocurrency market downturn. The SEC suspended the lawsuit last April after Acting Chairman Mark Uyeda took over the regulatory body.