Court Denies Gemini and Genesis Motion in SEC Case Over Gemini Earn Program
Federal court denies Gemini and Genesis' motion to dismiss SEC case over Gemini Earn program, finding it offered securities under Howey and Reves tests.
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Federal court denies Gemini and Genesis' motion to dismiss SEC case over Gemini Earn program, finding it offered securities under Howey and Reves tests.
The Attorney General alleges that these companies engaged in fraudulent activities and attempted to conceal losses amounting to over a billion dollars and lying to over 230,000 investors.
Earlier this year, regulatory authorities in the United States initiated legal action against Gemini and Genesis Global Capital, accusing them of engaging in the trading of unregistered securities via the Gemini Earn crypto asset lending initiative.
New York Attorney General Letitia James announced a settlement with CoinEx. The Hong Kong-based virtual currency trading platform must refund investors in the state.
The chief executive of Gemini is calling the U.S. Securities and Exchange Commission's (SEC) actions against the crypto exchange “counterproductive.”
The beleaguered Gemini Earn program is now the linchpin in a new set of charges filed by the Securities and Exchange Commission against both Genesis and Gemini.
The leading crypto, Bitcoin, is up by nearly 12% in two weeks, whereas Ethereum is up by almost 20%.
Gemini went down today for less than an hour after announcing its lending partner was pausing withdrawals.
The terminations were indicated by company filings, and confirmed by a spokesman, who emphasized the elevation of local leadership.
The cryptocurrency exchange spent $120,000 on U.S. lobbying in the third and fourth quarters of 2021.