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 withdrawal was made to increase the exchange's liquidity and allow Earn Users to withdraw funds.
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.
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.
Genesis customers will likely be waiting for weeks before they can withdraw their funds.
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