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Gemini and Genesis File Petition to Dismiss SEC Action over Joint Venture Product, Gemini Earn

June 14 (Cointime) - Cryptocurrency exchange Gemini and bankrupt cryptocurrency lender Genesis Global Capital have filed a petition to dismiss the SEC's lawsuit against their joint venture product, Gemini Earn. The SEC claims that the yield-bearing instruments offered by the firms are securities being sold without proper registration. Gemini and Genesis argue that the transactions were loans and not securities, and have asked the court to dismiss the complaint or overturn the SEC's requests for disgorgement and permanent injunction. Gemini has criticized the SEC case as "ill-conceived" and is working with other creditors to ensure the best outcome for Earn users.

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