{"id":548273,"date":"2023-08-21T17:00:40","date_gmt":"2023-08-21T17:00:40","guid":{"rendered":"https:\/\/wncen.com\/?p=548273"},"modified":"2024-06-11T08:12:34","modified_gmt":"2024-06-11T08:12:34","slug":"gemini-sec-lawsuit-dismissal-filing","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/gemini-sec-lawsuit-dismissal-filing\/","title":{"rendered":"Gemini Hits Back At SEC Lawsuit With Dismissal Filing"},"content":{"rendered":"

Gemini, an American cryptocurrency exchange, has taken a stand against the United States Securities and Exchange Commission (SEC), deeming the lawsuit brought forth by the regulator as \u201cabsurd.\u201d<\/span><\/p>\n

Gemini Pushes Back Against SEC Lawsuit<\/h2>\n

In the ongoing legal battle between Gemini Exchange and the US SEC, co-founders Cameron Winklevoss and Tyler Winklevoss have contested the validity of the SEC\u2019s case by submitting a comprehensive brief to oppose the SEC\u2019s claims on the Gemini Earn program.\u00a0<\/span><\/p>\n

Related Reading: Experts Explain Why SEC\u2019s Interlocutory Appeal In Ripple Case Was A Mistake<\/a><\/div>\n

In the filing<\/span><\/a>, Gemini stated that the SEC had failed to establish a clear definition of what the regulatory body regards as securities. The exchange also highlighted the absence of well-defined requirements for violating regulatory laws. As a result, the lack of specification in the SEC\u2019s argument hampers the exchange’s ability to respond properly to the allegations put forward.\u00a0<\/span><\/p>\n

In the Judicial presentation, the exchange urged the court to ignore the \u201cconvoluted analysis\u201d provided by the SEC. The exchange has instead advocated for direct questions which would determine if the cryptocurrency in question qualifies as a security.\u00a0<\/span><\/p>\n

Gemini has also stated that the SEC should provide an identification of the unregistered security and information on the specific sale, highlighting that treating all cryptocurrencies as unregistered security is prejudiced.\u00a0<\/span><\/p>\n

The company’s lawyer, Jack Baughman also publicly refuted the SEC\u2019s claims in a <\/span>Twitter post<\/span><\/a>, saying:<\/span><\/p>\n

The SEC is floundering. They can\u2019t even decide what the security is. On the one hand, they claim that the Loan Agreement was a security. On the other hand, they claim that the entire Gemini Earn program was itself a security \u2014 an argument absurd on its face.<\/span><\/p><\/blockquote>\n

\"Gemini<\/p>\n

GUSD market cap at $361 million | Source: GUSD Market Capitalization on Tradingview.com<\/a><\/pre>\n
Background On The SEC Lawsuit<\/h2>\n
Earlier this year, on January 13, the US SEC filed a lawsuit against Gemini and Genesis, a crypto lender affiliated with Gemini Trust Company. According to the SEC, Genesis loaned the exchange’s users unregistered securities through the Gemini Earn program, allowing the exchange and Genesis to accumulate billions of dollars worth of crypto assets from thousands of investors.\u00a0<\/span><\/p>\n
Related Reading: Ethereum Whale Avoids Market Crash, Do They Know Something You Don\u2019t?<\/a><\/div>\n
At the beginning of February 2021, Genesis and Gemini initiated a partnership that would offer the Gemini Earn program<\/a> to retail investors allowing them to loan their crypto assets to Genesis, while the exchange acts as a middleman. Genesis would then invest the crypto assets, and pay users in interest.\u00a0\u00a0<\/span><\/p>\n
The SEC alleged<\/a> that the company, alongside Genesis, violated federal laws via the Gemini Earn program by not registering its offerings and sales with the Commission. The lawsuit was received with an unfavorable response from the exchange’s legal team, which resulted in the dismissal motion submitted on August 18.\u00a0<\/span><\/p>\n
Featured image from Unsplash, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Gemini, an American cryptocurrency exchange, has taken a stand against the United States Securities and Exchange Commission (SEC), deeming the lawsuit brought forth by the regulator as \u201cabsurd.\u201d Gemini Pushes Back Against SEC Lawsuit In the ongoing legal battle between Gemini Exchange and the US SEC, co-founders Cameron Winklevoss and Tyler Winklevoss have contested the validity of the SEC\u2019s case by submitting a comprehensive brief to oppose the SEC\u2019s claims on the Gemini Earn program.\u00a0 Related Reading: Experts Explain Why SEC\u2019s Interlocutory Appeal In Ripple Case Was A Mistake In the filing, Gemini stated that the SEC had failed to establish a clear definition of what the regulatory body regards as securities. The exchange also highlighted the absence of well-defined requirements for violating regulatory laws. As a result, the lack of specification in the SEC\u2019s argument hampers the exchange’s ability to respond properly to the allegations put forward.\u00a0 In the Judicial presentation, the exchange urged the court to ignore the \u201cconvoluted analysis\u201d provided by the SEC. The exchange has instead advocated for direct questions which would determine if the cryptocurrency in question qualifies as a security.\u00a0 Gemini has also stated that the SEC should provide an identification of the unregistered security and information on the specific sale, highlighting that treating all cryptocurrencies as unregistered security is prejudiced.\u00a0 The company’s lawyer, Jack Baughman also publicly refuted the SEC\u2019s claims in a Twitter post, saying: The SEC is floundering. They can\u2019t even decide what the security is. On the one hand, they claim that the Loan Agreement was a security. On the other hand, they claim that the entire Gemini Earn program was itself a security \u2014 an argument absurd on its face. GUSD market cap at $361 million | Source: GUSD Market Capitalization on Tradingview.com Background On The SEC Lawsuit Earlier this year, on January 13, the US SEC filed a lawsuit against Gemini and Genesis, a crypto lender affiliated with Gemini Trust Company. According to the SEC, Genesis loaned the exchange’s users unregistered securities through the Gemini Earn program, allowing the exchange and Genesis to accumulate billions of dollars worth of crypto assets from thousands of investors.\u00a0 Related Reading: Ethereum Whale Avoids Market Crash, Do They Know Something You Don\u2019t? At the beginning of February 2021, Genesis and Gemini initiated a partnership that would offer the Gemini Earn program to retail investors allowing them to loan their crypto assets to Genesis, while the exchange acts as a middleman. Genesis would then invest the crypto assets, and pay users in interest.\u00a0\u00a0 The SEC alleged that the company, alongside Genesis, violated federal laws via the Gemini Earn program by not registering its offerings and sales with the Commission. The lawsuit was received with an unfavorable response from the exchange’s legal team, which resulted in the dismissal motion submitted on August 18.\u00a0 Featured image from Unsplash, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":548275,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83386,3],"tags":[6664,12307,2164,6501,3799,89175],"class_list":["post-548273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news","tag-crypto","tag-crypto-exchange","tag-gemini","tag-gemini-exchange","tag-sec","tag-unregistered-security"],"acf":[],"yoast_head":"\nGemini Hits Back At SEC Lawsuit With Dismissal Filing<\/title>\n<meta name=\"description\" content=\"Gemini has taken a stand against the United States SEC, deeming the lawsuit brought 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Gemini Hits Back At SEC Lawsuit With Dismissal Filing","url":"http:\/\/wncen.com\/news\/gemini-sec-lawsuit-dismissal-filing\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/gemini-sec-lawsuit-dismissal-filing\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/piggybank-hkbOeLYxUZo-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/piggybank-hkbOeLYxUZo-unsplash.jpg?fit=4000%2C3200"},"articleSection":"Crypto","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto","crypto exchange","gemini","gemini exchange","sec","unregistered security"],"dateCreated":"2023-08-21T17:00:40Z","datePublished":"2023-08-21T17:00:40Z","dateModified":"2024-06-11T08:12:34Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Gemini Hits Back At SEC Lawsuit With Dismissal Filing\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/gemini-sec-lawsuit-dismissal-filing\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/gemini-sec-lawsuit-dismissal-filing\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/piggybank-hkbOeLYxUZo-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/piggybank-hkbOeLYxUZo-unsplash.jpg?fit=4000%2C3200\"},\"articleSection\":\"Crypto\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto\",\"crypto exchange\",\"gemini\",\"gemini exchange\",\"sec\",\"unregistered security\"],\"dateCreated\":\"2023-08-21T17:00:40Z\",\"datePublished\":\"2023-08-21T17:00:40Z\",\"dateModified\":\"2024-06-11T08:12:34Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/piggybank-hkbOeLYxUZo-unsplash.jpg?fit=4000%2C3200","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548273"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=548273"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548273\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/548275"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=548273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=548273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=548273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}