{"id":21276,"date":"2023-05-30T10:10:18","date_gmt":"2023-05-30T10:10:18","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/gemini-and-genesis-counter-sec-lawsuit-seek-dismissal-of-unfounded-claims\/"},"modified":"2023-05-30T10:10:18","modified_gmt":"2023-05-30T10:10:18","slug":"gemini-and-genesis-counter-sec-lawsuit-seek-dismissal-of-unfounded-claims","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/gemini-and-genesis-counter-sec-lawsuit-seek-dismissal-of-unfounded-claims\/","title":{"rendered":"Gemini and Genesis Counter SEC Lawsuit, Seek Dismissal of Unfounded Claims"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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By demanding the dismissal of a lawsuit accusing them of marketing unregistered securities, Gemini Trust Company and Genesis Global Capital have taken a brave stance against the U.S. Securities and Exchange Commission (SEC). The legal action is the most recent phase in a conflict that has been going on between the regulatory body and the two well-known crypto companies.<\/p>\n

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Challenging the SEC\u2019s Claims<\/h3>\n

Gemini and Genesis were the targets of a complaint filed by the SEC earlier this year on the grounds that they offered unregistered securities to American investors. The SEC\u2019s complaint states that this unregistered offering led to the accumulation of crypto assets valued at billions of dollars from various investors.<\/p>\n

In retaliation, attorneys for Gemini and Genesis submitted a move to dismiss the SEC\u2019s case, vehemently disputing the claims. They contend that Gemini\u2019s Earn program\u2019s Master Digital Asset Loan Agreement (MDALA), which is connected to it, shouldn\u2019t be categorized as a security. The legal team claims that the SEC is seeking to misrepresent the Earn program\u2019s and its underlying assets\u2019 characteristics.<\/p>\n

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Actions Taken in the Past Against Cryptocurrency Exchanges With Interest<\/h3>\n

Interest-bearing cryptocurrency platforms had been the topic of securities regulators\u2019 attention before the SEC\u2019s action against Gemini and Genesis. Several state securities inspectors had filed complaints and issued cease-and-desist orders against Celsius and Blockfi prior to their filing for bankruptcy. Gemini and Genesis insist that the MDALA does not meet the requirements for categorization as a security in spite of these steps.<\/p>\n

Challenging the SEC\u2019s Assumptions<\/h3>\n

The MDALA, according to Gemini and Genesis, was never offered for purchase, sold, or traded on a secondary market. Additionally, neither the agreement nor the loan or borrowing operations required the transfer of title to any assets. The dismissal motion focuses on the fact that even if the SEC were to successfully demonstrate that the MDALA could be regarded as a security, the regulator has fallen short of presenting convincing proof that the agreement was offered or sold to any party.<\/p>\n

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Taking a Firm Stand<\/h3>\n

Gemini and Genesis are committed to refuting the SEC\u2019s claims and advancing their case. The dismissal motion demonstrates the firms\u2019 view that the SEC\u2019s allegations lack sufficient factual support and are unwarranted. Both cryptocurrency<\/a> companies are steadfastly dedicated to upholding the rights of all parties involved and safeguarding their interests as the legal dispute plays out.<\/p>\n

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Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) By demanding the dismissal of a lawsuit accusing them of marketing unregistered securities, Gemini Trust Company and Genesis Global Capital have taken a brave stance against the U.S. Securities and Exchange Commission (SEC). The legal action is the most recent phase in a conflict that has […]<\/p>\n","protected":false},"author":35,"featured_media":21277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/21276"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=21276"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/21276\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/21277"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=21276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=21276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=21276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}