The U.S. Securities and Exchange Commission announces the conclusion of the case that caused the collapse of the cryptocurrency market.

The U.S. Securities and Exchange Commission dropped (#SEC ) civil enforcement action against Gemini Trust Company.

The agency announced today that it has filed a joint motion with Gemini in court, which has definitively closed the case and prevented it from being reopened.

The lawsuit was filed in January 2023 as part of the Gemini Earn program. The agency claimed that the cryptocurrency yield products offered in this program constituted an unregistered securities offering. The case was heard in the U.S. District Court for the Southern District of New York, where Genesis was also a party.

The agency's statement clarified that the decision to drop the case was at its discretion. The statement noted that one of the reasons for this decision was the return of all Gemini Earn investors' crypto assets in kind, along with settlements with government and regulatory authorities that Gemini reached regarding the program.

On the other hand, the agency confirmed that this step does not necessarily reflect its legal approach in other cases. The statement emphasized that dismissing the case may not set a precedent for investigations or similar other cases.
#CryptoMarketWatch
#GoldAndSilverHitRecordHighs
$BCH ‌
$NEAR ‌
$JUP ‌