.Gemini and bankrupt crypto lender Genesis Global have filed a motion to dismiss a SECGov lawsuit alleging that they sold unregistered securities. iamsandali reports.
, targeted Gemini's yield-bearing product Earn, an unregistered offering through which the regulator alleged the two entities"raised billions of dollars’ worth of crypto assets from hundreds of thousands of investors."
While with the Earn program"the borrower and lender could choose to engage in subsequent transactions," Gemini said in Friday's filings that"it did not itself require any lending or borrowing by any party, and there was no way for a lender to transfer or assign it without the affirmative consent of all parties."
The SEC failed to"adequately plead" MDALA was a security and failed"to make non-conclusory allegations that the MDALA was sold to anyone, or that any party offered to sell it," the document supporting a motion to dismiss said.
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