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.
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Gemini, Genesis want SEC complaint dismissed
"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."
