Genesis and Gemini Seek Dismissal of SEC Lawsuit Over Alleged Sale of Unregistered Securities

05/29 15:15

Genesis Global Capital and Gemini, both of whom are bankrupt crypto lenders, have requested a U.S. court to dismiss a lawsuit filed by the Securities and Exchange Commission (SEC) alleging that the two companies sold unregistered securities. The SEC's lawsuit, filed in January, targeted Gemini's yield-bearing product Earn, which the regulator claimed was an unregistered offering that raised billions of dollars' worth of crypto assets from hundreds of thousands of investors. Gemini has denied the allegations and stated that the SEC's treatment of the tri-party Master Digital Asset Loan Agreement (MDALA) contract between Genesis, Gemini, and Earn users as an unregistered security "has no basis in law or fact."

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