The U.S. Securities and Exchange Commission (SEC) has dismissed a lawsuit against the cryptocurrency exchange Gemini, backed by the billionaire Winklevoss twins, over its defunct Earn product. The SEC's decision comes after Gemini Earn customers received 100% of their assets back through Genesis' bankruptcy, rendering the case moot. This move marks a significant shift in the SEC's approach to cryptocurrency regulation, as it previously sued Gemini and Genesis Global Capital in 2023 for selling unregistered securities through the Earn product. The lawsuit was halted in April 2025, and the SEC and Gemini agreed to a joint stipulation, finding that Gemini had repaid investors in full. This development raises questions about the SEC's future stance on cryptocurrency regulation and the potential impact on the industry. Meanwhile, KuCoin has seen a surge in market share, capturing a record share of centralized exchange volume in 2025. The exchange's trading volumes grew faster than the wider crypto market, with over $1.25 trillion in total trading volume. This success can be attributed to the even split between spot and derivatives volumes, as well as the majority of trading activity in altcoins. However, the Senate Agriculture Committee's crypto market structure draft has been peppered with Democrat pitches, seeking to push for amendments such as banning senior government officials from profiting off of crypto interests and filling the Commodity Futures Trading Commission before new rules can be implemented. These amendments reflect the ongoing debate around cryptocurrency regulation and the need for clear guidelines and oversight.
