Winklevoss Twins Reach Agreement to Settle $900M Crypto Case with SEC

Tyler and Cameron Winklevoss have reportedly reached a settlement with the U.S. Securities and Exchange Commission (SEC) to resolve a long-standing lawsuit concerning the crypto lending program “Earn.” The SEC alleges that Gemini Trust, owned and operated by the Winklevoss twins, sold unregistered securities through the Earn program, resulting in significant losses for investors. Under the terms of the proposed settlement, the Winklevoss twins and Gemini Trust have agreed to pay $50 million in penalties. Additionally, they will be required to take further steps to ensure their compliance with securities laws going forward. The proposed settlement still requires court approval. This settlement marks a significant development in the protracted case between the SEC and the Winklevoss twins. If approved, it would put an end to the legal proceedings and provide some clarity about the future of the Gemini Earn crypto lending program. The SEC anticipates that this settlement will provide partial restitution to harmed investors, although complete recovery of losses may not be possible. The agency will continue to investigate matters related to cryptocurrencies and will take action as necessary to protect investors.