Lawyers for cryptocurrency exchange Gemini have filed a motion seeking to dismiss a lawsuit brought against it by the U.S. Securities and Exchange Commission (SEC) over its Gemini Earn lending program. In the motion, Gemini argues the SEC has failed to plausibly allege that any securities laws were violated.
Gemini Moves to Dismiss SEC Claims, Advocates for Oral Argument
Earlier this year, the SEC accused Gemini and its associate, Genesis Global Capital, of illicitly offering and vending unregistered securities via the Gemini Earn program. According to the SEC, both the program’s Master Digital Asset Loan Agreement and the program itself were unregistered securities unlawfully offered and sold.
Gemini, however, has fired back in its motion to dismiss which seeks an oral hearing. The firm challenges the SEC’s inability to provide evidence of actual “sales” of securities — a crucial component to prove a violation of the Securities Act.
Gemini emphasizes that the SEC’s allegat
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