🚨A US court has allowed the SEC to continue its lawsuit against Gemini and Genesis for the sale of unregistered securities through the Gemini Earn program. Judge Edgardo Ramos rejected the companies' motions to dismiss the lawsuit.

🔍SEC alleges that Gemini Earn offered and sold unregistered securities that met the requirements of an investment contract under the Howey test.

💸 Last month, Genesis reached a deal with the SEC to close the case for $21 million. In November 2022, Gemini Earn had about 340,000 clients and $900 million in assets under management.