Gemini and Genesis seek dismissal of SEC lawsuit over Earn product.
TL;DR Summary
Gemini and Genesis Global Capital are seeking dismissal of a lawsuit by the SEC alleging the two sold unregistered securities through Gemini's yield-bearing product Earn, which the regulator claimed raised billions of dollars from hundreds of thousands of investors. Gemini argued that the SEC's treatment of the tri-party Master Digital Asset Loan Agreement contract between Genesis, Gemini and Earn users as an unregistered security "has no basis in law or fact."
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