# Gemini **Gemini** is the cryptocurrency exchange and custodian founded in 2014 by [[Cameron Winklevoss]] and [[Tyler Winklevoss]] — the [[Winklevoss Twins]] — as the *regulated* venue: a New York trust-company charter in 2015 and a "regulation is good" posture against the offshore exchanges, which made its Biden-era war with the SEC the more pointed. The 2022 collapse of Genesis, the lender behind Gemini's Earn product, froze about $900 million of customer money; the SEC sued over Earn in January 2023 and dismissed the case in February 2025, one of the string of dismissals under the new Commission. Gemini listed on Nasdaq on **September 12, 2025** (GEMI, $28, $425 million raised, about a $3.3 billion valuation, up 14% on day one) while losing money — $159 million in 2024, $283 million in the first half of 2025 — with roughly $21 billion of assets on the platform. ## The politics The twins are the crypto industry's most reliable Republican donors, and Gemini is the instrument: money to [[Fairshake PAC]] and to Trump committees in 2024, a $21 million Bitcoin donation (August 20, 2025) to the [[Digital Freedom Fund]] PAC they seeded with [[Kraken]], and a seat at every table where the [[Crypto-Political Machine]] meets the administration. The return on that investment is visible on the company's own docket — a dismissed enforcement action, a listing on a market the SEC now polices lightly, and a regulatory framework written with the industry in the room. See [[Tyler Winklevoss]] for the donor record and [[Stand With Crypto]] for the astroturf that accompanies it. ## Why it matters here Gemini is the vault's cleanest example of regulatory capture by donation in the crypto sector: a firm whose founding pitch was "we welcome oversight" bought the oversight it wanted. The first-day pop and the losses in the same filing are the two facts to hold together. See the [[Cryptocurrency Ecosystem]] for the industry and [[Ripple]] for the parallel case. ## See Also - [[Winklevoss Twins]] · [[Cameron Winklevoss]] · [[Tyler Winklevoss]] - [[Crypto-Political Machine]] · [[Fairshake PAC]] · [[Digital Freedom Fund]] · [[Stand With Crypto]] · [[Cryptocurrency Ecosystem]] · [[SEC]] · [[Ripple]]