Gemini Files Response to SEC Lawsuit Over Unregistered Securities
Gemini, the crypto exchange founded by the Winklevoss twins, has filed a response to the US SEC’s lawsuit, seeking the dismissal of allegations that their yield product, Gemini Earn, sold unregistered securities. The exchange argues that the SEC has failed to establish a clear case and identify the specific security and sale in question. Gemini’s lawyer, Jack Baughman, called the SEC’s claims “absurd” and stated that the regulator is “floundering.” This response follows similar requests from other crypto exchanges, including Binance and Coinbase, which cited overreach and disregard of securities laws. The SEC’s lawsuit alleges that Gemini and Genesis Global sold unregistered securities to retail investors through the Gemini Earn program.
Key Points:
- Gemini has filed a response to the SEC lawsuit seeking the dismissal of allegations over unregistered securities.
- The exchange argues that the SEC has failed to establish a clear case and identify the specific security and sale in question.
- Gemini’s lawyer called the SEC’s claims “absurd” and stated that the regulator is “floundering.”
- Other crypto exchanges, including Binance and Coinbase, have also filed requests to the SEC, citing overreach and disregard of securities laws.
- The SEC’s lawsuit alleges that Gemini and Genesis Global sold unregistered securities to retail investors through the Gemini Earn program.
Hot Take
Gemini’s response to the SEC lawsuit highlights the ongoing battle between regulators and the crypto industry. The exchange, along with other major players in the space, is pushing back against allegations of selling unregistered securities. The outcome of these legal disputes will have significant implications for the future of crypto exchanges and the regulatory landscape. As the SEC’s case against Gemini continues, it remains to be seen how the court will rule and what impact it will have on the wider crypto market.
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