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The SEC in January charged Genesis and Gemini with selling unregistered securities, pointing to the contract called a Master Digital Loan Agreement struck among lender Genesis, Gemini and customers in its yield-bearing Earn program. Digital Currency Group unit Genesis Global Capital, along with crypto exchange Gemini, asked the court Friday night to dismiss the SEC's complaint against it, court documents show.
"The SEC’s single claim — for a violation of Section 5 of the Securities Act of 1933 — is legally deficient because the Complaint fails to plead facts that would elevate the loan agreements into securities."
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