Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»TRADING NEWS»Gemini, Genesis Deny Motion to Dismiss SEC Earnings Complaint
TRADING NEWS

Gemini, Genesis Deny Motion to Dismiss SEC Earnings Complaint

By Crypto FlexsMarch 13, 20242 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Gemini, Genesis Deny Motion to Dismiss SEC Earnings Complaint
Share
Facebook Twitter LinkedIn Pinterest Email

A U.S. judge has ruled that lawsuits alleging securities violations by cryptocurrency companies Gemini and Genesis are valid.

District Judge Edgardo Ramos denied a motion to dismiss filed by Gemini cryptocurrency exchange and cryptocurrency lender Genesis in a U.S. SEC complaint filed through the Earn program hosted by the two companies until the end of 2022.

In a March 13 court order, Judge Ramos said the SEC had provided sufficient grounds to allege that Gemini and Genesis violated U.S. securities regulations.

The decision, issued in the U.S. District Court for the Southern District of New York, cited the Howey and Reves tests, to which the Commission referred, as the appropriate basis for qualifying a revenue program under existing securities regulations.

At this stage, under both tests, the court finds merit in the complaint alleging that defendants offered and sold unregistered securities through the Gemini Earn program. As a result, defendant’s motion to dismiss is denied.

Judge Edgardo Ramos

In a January 2023 lawsuit, the SEC litigants alleged that cryptocurrency companies marketed the Earn product as an investment opportunity. Investors maintain their profit expectations through the efforts of others to meet securities requirements according to the institution.

Notably, Genesis had previously attempted to have the SEC’s complaint dismissed, arguing that Gemini’s Earn program operated under a loan origination model rather than a securities contract. The Digital Current Group subsidiary also reached a $21 million settlement with fees in a civil lawsuit.

Both companies have been the subject of several enforcement actions initiated by U.S. regulators, including the New York Attorney General’s Office (NYAG). NYAG Letitia James is suing three companies, Gemini, Genesis, and DCG, for $1 billion over alleged cryptocurrency fraud.

Follow us on Google News

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

How Algorand is quietly building the future of finance around the world

June 5, 2025

Lightchain AI rises to leading picks, and Litecoin is interested in legacy as interest is reduced.

June 5, 2025

Ripple Stablecoin RLUSD gets a green line to use in Dubai Difc.

June 4, 2025
Add A Comment

Comments are closed.

Recent Posts

JPMORGAN accepts Bitcoin ETF with loan collateral: How investors can benefit

June 6, 2025

NVIDIA’s BLACKWELL Architecture MLPERF has set up new performance standards.

June 6, 2025

ZK-Proof Blockchain Altcoin Lagrange (LA) New Coinbase

June 6, 2025

ZK-Proof Blockchain Altcoin Lagrange (LA) New Coinbase

June 6, 2025

Bitfinex updates version 1.116 improved platforms

June 6, 2025

Encryption leverage: 2025 trend and change analysis

June 6, 2025

Why DEGO Price tank 60%after moving USD1 Stablecoin

June 6, 2025

SEI Network opens up the way of autonomous AI economy.

June 6, 2025

SEI hit 621K wallet and $ 930m tvL, but two regions should pay attention.

June 6, 2025

Bitcoin Is An Unreplicable Lifeline In Authoritarian Regimes

June 6, 2025

COREWEAVE is a NVIDIA GB200 Super Chip that achieves recorded MLPERF benchmarks.

June 6, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

JPMORGAN accepts Bitcoin ETF with loan collateral: How investors can benefit

June 6, 2025

NVIDIA’s BLACKWELL Architecture MLPERF has set up new performance standards.

June 6, 2025

ZK-Proof Blockchain Altcoin Lagrange (LA) New Coinbase

June 6, 2025
Most Popular

CoinGecko reports major data breach involving personal data of nearly 2 million customers

June 8, 2024

NVIDIA Advances Physical AI with Robot Simulation on AWS

December 4, 2024

FDIC resists transparency in the operating choke point 2.0 -Coinbase Clo

March 8, 2025
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.