Crypto Exchange Gemini Slams SEC in New Court Brief in Lawsuit Over Earn Program - The Daily Hodl

Crypto exchange Gemini dismisses the SEC's lawsuit against its Earn program, claiming that the regulatory agency is floundering and contradicting itself in its classification of the program as a security.

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Relevant topic timeline:

8/4/2023

Coinbase wants its SEC lawsuit dismissed, arguing it doesn't deal in securities

Main topic: Coinbase's motion to dismiss SEC lawsuit Key points: 1. Coinbase claims it does not offer "investment contracts" and therefore the SEC has no authority over its operations. 2. Coinbase cites a separate SEC case involving Ripple Labs' XRP, where a judge ruled that it was not considered a security when sold on exchanges. 3. A different judge disagreed with the Ripple ruling in a case against Terraform Labs, allowing the SEC to proceed with claims involving sales made on exchanges and allegations of fraud.

8/30/2023

Gemini Opposes Genesis Bankruptcy Plan: 'Woefully Light on Specifics'

Crypto exchange Gemini and a group of ad hoc creditors have raised objections to Genesis' proposed resolution for its bankruptcy, citing a lack of detail and assurances for debtors, as well as inadequate economic consideration, while calling for an end to the exclusivity period for negotiations.

9/3/2023

This Week on Crypto Twitter: Grayscale Wins Against SEC, SEC Delays ETF Applications - Decrypt

The SEC's denial of Grayscale's spot Bitcoin ETF application has been reviewed by a judge due to the SEC's failure to provide a coherent explanation, while the SEC also delayed verdicts on several Bitcoin spot market ETF applications, including BlackRock's, causing prices to rally; in other news, Circle's USDC stablecoin has experienced a significant decrease in market cap, SEC Commissioner Hester Peirce criticized the SEC's attempt to bring crypto exchanges under its jurisdiction, a lawsuit against Uniswap was dismissed by a New York judge, StarkWare zeroed all user balances on old wallets, Vivek Ramaswamy celebrated Grayscale's win over the SEC, the SEC delayed its verdict on multiple ETF applications including BlackRock's, and Chinese courts considered cryptocurrencies legal property protected by law.

9/15/2023

Gemini Slams Genesis Bankruptcy Plan, Says Users Won't Recover Lost Funds

Crypto exchange Gemini has criticized a proposed bankruptcy recovery plan for Genesis, calling it misleading and deceptive, stating that Gemini Earn users will not recover the real value of the money they’re owed.

9/17/2023

Gemini Disputes Digital Currency Group's Bankruptcy Recovery Plan, Says Lenders Won't Recover Assets Owed

Digital asset exchange Gemini accuses Digital Currency Group of using deceptive practices to avoid repaying its obligations to the creditors of Genesis, its bankrupt crypto lending unit.

9/19/2023

SEC Warns of More Crypto Enforcement Actions Against Exchanges and DeFi

The U.S. Securities and Exchange Commission's head of the Crypto Assets and Cyber Unit, David Hirsch, announced that the agency will continue to pursue crypto exchanges and DeFi projects for violating securities laws, similar to Coinbase and Binance, stating that they have several other businesses on their radar; however, the SEC's current litigation load is heavy and they are limited in their capacity to take action against all entities.

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Posted 8/21/2023, 4:55:08 PM