Billionaire twin brothers Tyler and Cameron Winklevoss have resolved a lawsuit related to the Gemini (GEMI) Earn program at their cryptocurrency exchange.
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The U.S. Securities and Exchange Commission (SEC) says it has agreed to settle a lawsuit that accused an exchange run by the Winklevoss twins of failing to register a cryptocurrency asset lending program before offering it to retail investors.
Gemini Earn was a service offered by the Gemini cryptocurrency exchange that allowed users to earn interest on their cryptocurrency holdings by lending them to an institutional borrower, Genesis Global Capital. However, after Genesis filed for bankruptcy in 2023, withdrawals were halted, leading to a class-action lawsuit and losses for some users.
Resolution
Gemini has subsequently reached a settlement, agreeing to return over $1.8 billion in value to customers of Gemini Earn by contributing its own assets and pursuing recoveries from Genesis’s parent company, Digital Currency Group.
News that the lawsuit brought by the SEC has ended comes a day after Gemini went public on the Nasdaq (NDAQ) exchange. Gemini is now the third publicly traded cryptocurrency exchange in the U.S. along with Coinbase Global (COIN) and Bullish (BLSH).
Is Bitcoin a Buy?
It’s too early for Wall Street firms to offer ratings and price targets on Gemini’s stock. So instead, we’ll look at the three-month performance of Bitcoin (BTC). As one can see in the chart below, the price of BTC has risen 7.35% in the last 12 weeks.
