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Judge Edgardo Ramos, of the Southern District of New York, found that the regulatory agency’s complaint “plausibly alleges” that the two firms violated securities laws – Gemini and Genesis are seeking the dismissal of a lawsuit filed in January by the Securities and Exchange Commission. The SEC accused the firms of the unregistered Gemini crypto exchange, and Genesis, an insolvent crypto lender, have jointly filed a motion in US federal court, seeking the dismissal of the complaint filed by the In line with this trend, the SEC filed a lawsuit against Gemini, a major crypto exchange, in January 2025, specifically targeting Gemini’s yield-bearing product, Earn. However, in a recent The lawsuit claims “Gemini Earn”which let customers lend crypto assets such as Bitcoin to Genesis, with Gemini taking a fee as high as 4.29%violated securities Judge Edgardo Ramos, of the Southern District of New York, found that the regulatory agency’s complaint “plausibly alleges” that the two firms violated securities laws –

Gemini Genesis File Dismissal Motion in SEC Lawsuit Over Earn Program: What You Need to Know

The legal battle between the Securities and Exchange Commission (SEC) and crypto firms Gemini and Genesis continues. Gemini and Genesis are seeking the dismissal of a lawsuit filed in January by the Securities and Exchange Commission. The SEC accused the firms of the unregistered securities laws violation, specifically concerning the Gemini Earn program. In line with this trend, the SEC filed a lawsuit against Gemini, a major crypto exchange, in January 2025, specifically targeting Gemini’s yield-bearing product, Earn. However, in a recent development, the focus is on Gemini and Genesis's efforts to have the case dismissed.

The lawsuit claims “Gemini Earn” which let customers lend crypto assets such as Bitcoin to Genesis, with Gemini taking a fee as high as 4.29% violated securities laws. The SEC alleges that the Earn program constituted the unregistered offering and sale of securities.

Judge Ramos's Initial Ruling

Judge Edgardo Ramos, of the Southern District of New York, found that the regulatory agency’s complaint “plausibly alleges” that the two firms violated securities laws –. Despite this initial finding, Gemini and Genesis are moving forward with their motion to dismiss.

Gemini and Genesis's Defense

The details of Gemini and Genesis's specific arguments for dismissal are crucial to understanding the potential outcome of the case. They likely contend that the Earn program does not qualify as a security under existing legal frameworks. Further analysis of the arguments presented in the dismissal motion will provide insight into the legal challenges faced by the SEC in regulating crypto lending products.

The Future of the SEC v. Gemini/Genesis Lawsuit

The court's decision on the dismissal motion will have significant implications for the future of crypto regulation in the United States. A dismissal would weaken the SEC's argument, while a denial would embolden the agency to pursue similar cases against other crypto platforms offering yield-bearing products. Judge Edgardo Ramos, of the Southern District of New York, found that the regulatory agency’s complaint “plausibly alleges” that the two firms violated securities laws –. Keep checking back for updates as this important case unfolds.

The Gemini crypto exchange, and Genesis, an insolvent crypto lender, have jointly filed a motion in US federal court, seeking the dismissal of the complaint filed by the SEC.

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