U.S. Court Advances Securities Case Against Crypto Giants Gemini and Genesis

A U.S. judge ruled that a legal case accusing crypto entities Gemini and Genesis of securities infractions holds merit. In a decisive move, District Judge Edgardo Ramos rebuffed attempts by the Gemini crypto exchange and the crypto lending firm Genesis to dismiss a complaint by the U.S. Securities and Exchange Commission (SEC) concerning an Earn program jointly operated by the two companies until the end of 2022.



On March 13, within a legal directive, Judge Ramos articulated that the SEC had adequately demonstrated grounds to claim that Gemini and Genesis breached U.S. securities regulations.



The judgment, emanating from a courtroom in the Southern District of New York, pointed to the application of the Howey Test and Reves Test by the regulatory body as sufficient grounds to classify the Earn program within the ambit of current


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