There had been chatter that Gemini's Earn product wasn't subject to normal SEC regulation since Gemini was subject to more stringent regulation as a capital-B b

There had been chatter that Gemini's Earn product wasn't subject to normal SEC regulation since Gemini was subject to more stringent regulation as a capital-B bank and could offer yield products like any other bank because of that regulatory status. Maybe not. This does feel very much like closing the barn doors after the horses bolted though.