Federal Judge Edgardo Ramos found the SEC’s suit “plausibly alleges” that Gemini Earn was a securities offering, allowing the case to continue in court.
The United States Securities and Exchange Commission’s allegation that crypto firms Gemini and Genesis sold unregistered securities through the Gemini Earn program is plausible enough to continue in court, a federal judge has ruled.
In a 32-page March 13 order, New York District Court Judge Edgardo Ramos struck down Gemini and Genesis’ motions to dismiss the SEC’s lawsuit.
The judge also denied a separate bid asking the court to stop the SEC’s request ordering them to stop selling securities and for the pair to hand over Gemini Earn profits if the SEC wins the suit.
