Gemini and Genesis were charged with a case by the SEC in the Southern District of New York, and the latest hearing occurred on Wednesday, March 13.
The United States Securities and Exchange Commission said that Gemini and Genesis were engaged in the sale of unregistered securities through the Gemini Earn program. A federal judge has approved the allegations, enough to bring a company to the witness box. Both firms were allowed to move forward in the latest hearing, but the two defendants’ motions were denied.
The SEC Lawsuit
On March 13, Edgardo Ramos released the New York District Court ruling. It had released a 32-page detailed order that denied the motions by Genesis and Gemini to dismiss or disapprove of the SEC’s lawsuit.
The SEC initiated the lawsuit in January 2023. It claimed that the Gemini Earn program was a cryptocurrency yield-bearing product. Gemini offered the product, and Genesis managed it. Moreover, the product involved the sale and offering of unre
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