Cryptocurrency exchange Gemini and bankrupt lender Genesis jointly seek dismissal of SEC lawsuit over Earn product.
Cryptocurrency exchange Gemini and bankrupt crypto lender Genesis Global Capital have jointly filed for the dismissal of a Securities and Exchange Commission lawsuit. The lawsuit claims “Gemini Earn” — which let customers lend crypto assets such as Bitcoin to Genesis, with Gemini taking a fee as high as 4.29% — violated securities regulations by offering unregistered securities.that Gemini Earn should not be classified as a security.
Furthermore, the allegation stated that Gemini, not Genesis, was responsible for the customer-facing aspects of the Earn program. Gemini, which declared its role as a transfer agent for Earn, criticized the SEC lawsuit as “ill-conceived” in a blog update
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