After Gemini fully refunded assets to investors, the U.S. Securities and Exchange Commission (SEC) withdrew its lawsuit against the Gemini Earn program, marking a significant shift in its cryptocurrency enforcement strategy. Under new leadership, the SEC has withdrawn or terminated investigations into at least 17 major companies, including Coinbase and Ripple, thereby reducing large-scale enforcement actions. Industry insiders believe this represents a strategic shift towards a more selective, risk-based approach, focusing on clear damages rather than legacy issues. This change coincides with the passage of the GENIUS Act, which provides clearer regulatory guidance.