Coinbase has initiated legal action seeking to compel the SEC to establish new regulations for digital asset trading, arguing the agency has failed to provide a clear regulatory framework. Concurrently, a federal judge has ruled against Gemini and Genesis in a related case, denying their motion to dismiss an SEC lawsuit concerning the Gemini Earn program. The court's decision allows the SEC to proceed with discovery to determine if the program violated securities laws, specifically under the Howey and Reeves tests. This development underscores the ongoing legal and regulatory challenges facing cryptocurrency companies in navigating U.S. securities laws, with crypto proponents making "not-unconvincing arguments" about the applicability of these tests.
A federal judge ruled that an SEC lawsuit against Gemini and Genesis over the Gemini Earn product can proceed after dismissing the companies' motion to dismiss the suit. @cheyenneligon reports https://t.co/IhCUKuaRUF
US judge denies motions to dismiss SEC's lawsuit against Gemini Earn program https://t.co/JyMwpGMoGP
Summary of the SEC v. Genesis and Gemini order on defendants' motion to dismiss. 1) SEC has alleged enough now to allow them discovery into facts establishing that Gemini Earn program violated the securities laws under both the Howey and Reeves tests. 2) Howey is really… https://t.co/CiLyQVrfZT
Summary of the SEC v. Gemini order on the motion to dismiss. 1) SEC has alleged enough now to allow them discovery into facts establishing that Gemini Earn program violated the securities laws under both the Howey and Reeves tests. 2) Howey is really flexible and can be… https://t.co/ChdlvBOssD
Gemini's motion to dismiss its SEC complaint has been denied. OPINION & ORDER: re: 30 MOTION to Dismiss Pursuant to Rule 12(b)(6) filed by Gemini Trust Company, LLC, 33 MOTION to Dismiss the Complaint filed by Genesis Global Capital LLC, 44 LETTER MOTION for Oral Argument on…
"crypto proponents make not-unconvincing arguments about the securities laws that may convince the Court to narrow Howey" READ: crypto proponents are right on the law https://t.co/yxqyCbW7C8
Coinbase took its opening swing in an effort to force the SEC to write new rules around trading digital assets, telling a federal court the agency refuses to create a workable framework. https://t.co/vhRcrvcc1F