Winklevoss Twins Reach SEC Settlement Over Gemini Earn Program

The Winklevoss twins, renowned for their early Facebook involvement and as crypto pioneers, have settled with the U.S. Securities and Exchange Commission (SEC) over their Gemini Earn program. Announced on September 15, 2025, the settlement resolves allegations that Gemini Trust failed to register the program, which let users earn interest on crypto assets, as a security under federal law.

The SEC sued Gemini and Genesis Global Capital in January 2023, claiming the Gemini Earn program bypassed required disclosures, impacting 340,000 investors with $900 million in assets. Genesis, Gemini’s lending partner, halted withdrawals in November 2022 amid the FTX collapse and later filed for bankruptcy. The SEC argued this exposed investors to undue risks. Genesis settled earlier, paying a $21 million fine without admitting wrongdoing.

Under the agreement, Gemini neither admits nor denies fault but will enhance compliance measures to meet SEC standards. Filed in Manhattan federal court, the settlement awaits final approval by December 15, 2025. This follows Gemini’s $425 million IPO, valuing the company at $3.3 billion, signaling strong market confidence despite regulatory hurdles.

The resolution reflects a shift in crypto oversight under the Trump administration, which has eased enforcement, dropping cases against Coinbase and Binance. For investors, this underscores the need to verify platform compliance with securities laws to mitigate risks in crypto lending programs. Gemini’s proactive settlement avoids prolonged litigation, paving the way for future growth while prioritizing investor protections.

The Winklevoss twins’ SEC settlement highlights the growing regulatory focus on crypto lending, urging investors to prioritize compliant platforms for safer investments.