Gemini Files Request to Dismiss SEC Lawsuit

Gemini filed a brief addressed to the U.S. District Court for the Southern District of New York (SDNY) late last Friday, which contained a request from Gemini’s legal team for the dismissal of the court case filed against it by the SEC, citing unclear accusations. According to the court document, Gemini argues that in order for a complaint pertaining to the unregistered sale of securities, the SEC would have to identify the security in question and ascertain that a sale had taken place. Furthermore, as far as the Gemini Earn program is concerned, Gemini’s lawyers posit that no sale of a security ever took place. Instead, the only transactions to take place in the program are loans.

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