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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Gemini Hits Back At SEC Lawsuit With Dismissal Filing

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Gemini crypto exchange

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Gemini, an American cryptocurrency exchange, has taken a stand against the United States Securities and Exchange Commission (SEC), deeming the lawsuit brought forth by the regulator as “absurd.”

Gemini Pushes Back Against SEC Lawsuit

In the ongoing legal battle between Gemini Exchange and the US SEC, co-founders Cameron Winklevoss and Tyler Winklevoss have contested the validity of the SEC’s case by submitting a comprehensive brief to oppose the SEC’s claims on the Gemini Earn program. 

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In the filing, Gemini stated that the SEC had failed to establish a clear definition of what the regulatory body regards as securities. The exchange also highlighted the absence of well-defined requirements for violating regulatory laws. As a result, the lack of specification in the SEC’s argument hampers the exchange’s ability to respond properly to the allegations put forward. 

In the Judicial presentation, the exchange urged the court to ignore the “convoluted analysis” provided by the SEC. The exchange has instead advocated for direct questions which would determine if the cryptocurrency in question qualifies as a security. 

Gemini has also stated that the SEC should provide an identification of the unregistered security and information on the specific sale, highlighting that treating all cryptocurrencies as unregistered security is prejudiced. 

The company’s lawyer, Jack Baughman also publicly refuted the SEC’s claims in a Twitter post, saying:

The SEC is floundering. They can’t even decide what the security is. On the one hand, they claim that the Loan Agreement was a security. On the other hand, they claim that the entire Gemini Earn program was itself a security — an argument absurd on its face.

Gemini USD (GUSD) price chart from Tradingview.com

GUSD market cap at $361 million | Source: GUSD Market Capitalization on Tradingview.com

Background On The SEC Lawsuit

Earlier this year, on January 13, the US SEC filed a lawsuit against Gemini and Genesis, a crypto lender affiliated with Gemini Trust Company. According to the SEC, Genesis loaned the exchange’s users unregistered securities through the Gemini Earn program, allowing the exchange and Genesis to accumulate billions of dollars worth of crypto assets from thousands of investors. 

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At the beginning of February 2021, Genesis and Gemini initiated a partnership that would offer the Gemini Earn program to retail investors allowing them to loan their crypto assets to Genesis, while the exchange acts as a middleman. Genesis would then invest the crypto assets, and pay users in interest.  

The SEC alleged that the company, alongside Genesis, violated federal laws via the Gemini Earn program by not registering its offerings and sales with the Commission. The lawsuit was received with an unfavorable response from the exchange’s legal team, which resulted in the dismissal motion submitted on August 18. 

Featured image from Unsplash, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

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The highest standards in reporting and publishing
How Our News is Made

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