PANews reported on January 24th that, according to Coindesk, the U.S. Securities and Exchange Commission (SEC) stated in a court filing that it will dismiss the lawsuit against Gemini and its defunct Earn product. The filing states that since Gemini Earn investors have already recovered 100% of their assets, the lawsuit no longer has legal basis.

In 2023, the SEC sued Gemini and Genesis Global Capital, alleging that the two companies sold unregistered securities in the form of Gemini's income-generating product, Earn. The SEC claimed 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.