Gemini, the crypto exchange founded by the Winklevoss twins, has reached a settlement with the US Securities and Exchange Commission (SEC) concerning allegations related to its crypto lending program, known as Gemini Earn. The settlement was announced on Monday in a letter filed in Manhattan federal court.

SEC Lawsuit Against Gemini Nears Resolution

The SEC, under its previous leadership criticized for its characterized enforcement actions targeting key industry players, had previously accused the exchange of failing to register its Earn program, which allowed users to lend Bitcoin (BTC) and other cryptocurrencies to Genesis Global Capital in exchange for interest payments.

The lawsuit claimed that both Gemini and Genesis bypassed necessary disclosure requirements designed to protect in

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