A legal arbitrator has ruled that cryptocurrency exchange Gemini is not liable for the collapse of its Earn lending program, stating that Gemini did not mislead users nor was it negligent in the program's failure. The arbitrator found insufficient evidence to suggest Gemini lied to customers or failed to conduct due diligence. The lending program primarily failed due to "massive fraud" by its partner, Genesis. Previously, Genesis agreed to pay a $38.5 million fine to the U.S. Securities and Exchange Commission (SEC) and reached a settlement with Gemini, under which Gemini has repaid $2.18 billion in digital assets to Earn users.