Gemini has filed a statement of defense to dismiss the SEC's lawsuit against Gemini Earn

Odaily Planet Daily News Gemini has filed to dismiss the SEC’s defense against Gemini Earn’s lawsuit. Gemini stated that the SEC stated that according to the specific terms of the loan agreement, the Gemini Earn program was established and users were provided with the opportunity to lend digital assets to Genesis, and Gemini participated in the illegal sale of unregistered securities. That means the SEC has to prove two things: the existence of the security and the sale of "such securities," neither of which the SEC can prove. The SEC can't even decide what is a security, Gemini said. On the one hand they claim that the loan agreement is a guarantee. On the other hand they claim that the entire Gemini Earn program is itself a security. Another important point is that the SEC is trying to identify "sale". The SEC believes that Gemini and Genesis actually "sell" interest payment commitments in exchange for encrypted assets, but sales and loans are two different things.