SEC Case Against Gemini And Genesis Gains Momentum As Judge Denies Motion To Dismiss
Summary
US District Judge Edgardo Ramos denied motions from Gemini and Genesis to dismiss the SEC's case alleging the sale of unregistered securities through the Gemini Earn program. The court found the SEC's allegations plausible, based on the Howey test and Reves v. Ernst & Young ruling. The judge emphasized horizontal commonality and the motivation of investors to earn interest. The ruling has implications for the cryptocurrency industry, signaling continued SEC scrutiny and enforcement actions.
