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The SEC’s lawsuit against Gemini and Genesis is anticipated to have far-reaching consequences for the crypto industry and its regulatory environment. Gemini, a cryptocurrency exchange, and Genesis, a crypto lender facing insolvency, have taken collective action by filing a motion in a U.S. federal court.Their objective is to have the complaint lodged by the SEC against the Earn Program dismissed. This legal maneuvering highlights the significance of the case and its potential impact on the broader cryptocurrency landscape.The SEC has put forth allegations stating that the Earn Program, jointly operated by <a href="https://cryptosheadlines.com/gemini-contemplates-forbearance-as-dcg-defaults-on-630m-payment/" rel="noopener noreferrer nofollow">Gemini</a> and Genesis, violates federal securities laws by offering unregistered securities to investors. As per a lawsuit filed in January, the SEC asserts that Gemini, through its Earn Program, has managed to raise billions of dollars’ worth of cryptocurrency assets from hundreds of thousands of investors. This legal action reflects the SEC’s concerns regarding potential violations in the crypto industry related to the sale and offering of securities without proper registration.In particular, the SEC has drawn attention to the fact that Genesis, at the time of freezing withdrawals from the platform in November, held around $900 million in assets belonging to approximately 340,000 investors. This event coincided with Genesis filing for bankruptcy protection in the United States. The SEC’s focus on these details underscores their scrutiny of the situation, highlighting potential financial implications for a significant number of investors and Genesis’ actions in seeking legal protection amidst its financial challenges.Read Full Article Here: <a href="https://cryptosheadlines.com/gemini-and-genesis-seek-dismissal-of-sec-lawsuit-targeting-earn-program/" rel="noopener noreferrer nofollow">https://cryptosheadlines.com/gemini-and-genesis-seek-dismissal-of-sec-lawsuit-targeting-earn-program/</a>Join Cryptos Headlines Community: <a href="https://linktr.ee/cryptosheadlines.com" rel="noopener noreferrer nofollow">https://linktr.ee/cryptosheadlines.com</a>

Gemini and Genesis Seek Dismissal of SEC Lawsuit Targeting Earn Program

CryptosHeadlines.com

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