The U.S. Securities and Exchange Commission (SEC) has officially dismissed its civil enforcement action against Gemini Trust Company regarding the Gemini Earn lending program. This decision follows the complete recovery of investor funds, with customers getting back their crypto assets during Genesis Global Capital's bankruptcy proceedings. The SEC's dismissal with prejudice means the agency cannot refile the same claims against Gemini, effectively concluding a high-profile case stemming from the crypto market's turmoil in 2022. Gemini Earn, which launched in February 2021, offered users interest rates up to 7.4% but faced significant issues when Genesis halted withdrawals in November 2022, locking up nearly $940 million from around 340,000 users. The SEC initially charged both Genesis and Gemini in January 2023 for failing to register the offering as securities. Despite a federal judge upholding the SEC's allegations, the path to dismissal was facilitated by settlements: Genesis paid $21 million to the SEC, and Gemini contributed $40 million to the bankruptcy to aid in full customer recovery. Under Chairman Paul Atkins, the SEC has been reevaluating its approach to crypto enforcement, recently dropping several cases against other firms like Coinbase and Kraken. The resolution with Gemini aligns with this shift, moving away from an aggressive enforcement stance seen under former Chairman Gary Gensler. The Winklevoss twins, founders of Gemini, have also maintained connections to political circles, notably supporting Trump’s 2024 campaign and attending significant regulatory events.